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Bahamas vs US contravarsy over FTX bankrupcy

Bahamas vs US contravarsy over FTX bankrupcy 4

The lawyers of Sam Bankman-Fried (SBF) disclosed many things about the intentions of the Bahamian officials, alongside the fraud charge proceedings. 

Sam Bankman-Fried (SBF) is the founder & former CEO of the FTX exchange. FTX exchange filed for bankruptcy under chapter 11 in a US district court. Now FTX exchange is controlled by John J. Ray III, who is the current CEO of this Bankrupt exchange. On 14 December, SBF was arrested by the Bahamas’ Police force on behalf of the US government’s request over the fraud that SBF did with FTX customers. 

Recently Bloomberg reported that SBF’s lawyers said in the court that Bahamian officials ( officially & unofficially) planned to get access to the core database of the FTX exchange so that SBF can easily control the computer system of the bankrupt crypto exchange FTX. 

Lawyers reportedly said that Bahamian officials forced SBF to issue a multi-million dollar worth of new coin in the FTX exchange. In short, Bahamas’ agencies want to take over the FTX exchange’s digital assets illegally & unlawfully despite ongoing court proceedings in a US court. 

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The report also noted that John J. Ray III, FTX’s new CEO and restructuring expert, reportedly watched as someone minted new coins while he and his team attempted to get control of FTX’s computer systems

These SBF lawyers are from America and they are trying to explain that Bahamian officials are trying to manipulate the whole case via SBF, which is a wrong & unethical practice. 

Lawyers also informed in the written form to the court that SBF was trying to cooperate with Bahamian agencies under fear and this was the reason why he opened withdrawal services for the Bahamians from the exchange, a day just before the bankruptcy filing. which resulted in the outflow of huge amounts of funds from the exchange. 

Read also: Elon Musk opposes PayPal over its debanking practices

Bahamas vs US contravarsy over FTX bankrupcy



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