Bahamas Attorney General and Minister of Legal Affairs Ryan Pinder said it was “extremely regrettable” that FTX’s new CEO John Ray III “misrepresented the timely action taken by the Securities Commission and used inaccurate allegations,” while also defending the country’s regulators’ actions following the exchange’s demise.<\/p>\n\n\n\n

Pinder delivered a national address via Facebook Live on Sunday night, urging all international authorities to “exercise at least the same amount of prudence and restraint in their public commentary as we do so as not to prejudice any of the ongoing proceedings.”<\/p>\n\n\n\n

The Securities Commission of the Bahamas (SCB) stated this week that FTX’s new CEO, John Ray III, made “intemperate and inaccurate allegations” about the SCB’s treatment of FTX.<\/p>\n\n\n\n

The SCB said it seized FTX Digital Markets’ assets on Nov. 12 and transferred all of its assets to a digital wallet<\/a> under its control after freezing FTX assets. FTX Trading’s Bahamas-based subsidiary is FTX Digital Markets.<\/p>\n\n\n\n

Pinder emphasized in his speech that “the speed with which the Securities Commission was able to move was remarkable by any standard.”<\/p>\n\n\n\n

“Placing FTX Digital Markets in provisional liquidation was insufficient to protect the company’s customers and creditors,” he said. “As a result, (\u2026) the Securities Commission secured FTX Digital Markets’ assets to be held on behalf of, and for the benefit and restitution of, FTX clients and creditors.”<\/p>\n\n\n\n

In a filing requesting that one of the existing FTX bankruptcy cases in Delaware be transferred to New York, FTX stated that it had “credible evidence that the Bahamian government is responsible for directing unauthorized access to the Debtors’ systems for the purpose of obtaining digital assets<\/a> of the Debtors,” which court-appointed liquidators for FTX in the Bahamas agreed to this week.<\/p>\n\n\n\n

On November 11, FTX and Alameda Research filed for Chapter 11 bankruptcy protection in a Delaware court. Then, on November 15, FTX Digital Markets filed for Chapter 15 bankruptcy in New York, describing the move as “a blatant attempt to avoid the supervision of this Court and to keep FTX DM isolated from the administration of the rest of the Debtors, which constitute the vast majority of the remainder of the FTX group.”<\/p>\n\n\n\n

They also claimed that former CEO Sam Bankman-Fried was attempting to undermine the United States’ Chapter 11 case by tying up assets in the Bahamas.<\/p>\n\n\n\n

Pinder stated that the country’s authorities are still investigating FTX and that “ill-informed speculation” isn’t helpful.<\/p>\n\n\n\n

“Any attempt to blame the Bahamas for the entire debacle because FTX is headquartered here would be a gross oversimplification of reality,” he said. “It is profoundly erroneous to conclude that a refusal to communicate the details of an ongoing investigation means that nothing is happening.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Bahamas Attorney General and Minister of Legal Affairs Ryan Pinder said it was “extremely regrettable” that FTX’s new CEO John Ray III “misrepresented the timely action taken by the Securities Commission and used inaccurate allegations,” while also defending the country’s regulators’ actions following the exchange’s demise. Pinder delivered a national address via Facebook Live on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6,8,5,11,9,10,7,13,12,14],"class_list":["post-90","post","type-post","status-publish","format-standard","hentry","category-crypto","tag-binance","tag-bitcoin","tag-crypto","tag-cryptocurrency","tag-digital","tag-investment","tag-market","tag-metaverse","tag-mining","tag-nft"],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts\/90","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/comments?post=90"}],"version-history":[{"count":1,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts\/90\/revisions"}],"predecessor-version":[{"id":91,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts\/90\/revisions\/91"}],"wp:attachment":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/media?parent=90"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/categories?post=90"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/tags?post=90"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}