Bahamas Regulator Challenges FTX CEO’s Allegations over Customer Funds
- The regulator is holding $3.5 billion worth of FTX customer funds.
- FTX's CEO Ray questioned the calculation of the funds.
The Securities Commission of The Bahamas (SCB) released a statement on Monday to defend itself against the “material misstatements” made by the newly appointed Chief Executive of FTX, John Ray, who is overseeing the bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term proceedings of the collapsed cryptocurrency exchange.
The Bahamas Regulator Challenges FTX's CEO Ray
The statements came in response to Ray’s challenge against calculating the digital assets held by the Bahamas regulator, which belonged to FTX customers. The SCB last week revealed that it is holding $3.5 billion in digital assets that it obtained from the local entity of the company with a court order. It said that the challenge to the calculation of digital assets was based on incomplete information.
Additionally, the Bahamas regulator challenged Ray’s allegations on its order to mint $300 million worth of FTT tokens and the SCB-held tokens of FTX being stolen.
“The US Debtors’ continued lack of diligence when making [a] public statement concerning the Commission is disappointing, and reflects a cavalier attitude towards the truth and towards The Bahamas that has been displayed by the current officers of the Chapter 11 Debtors from the date of their appointment by Sam Bankman-Fried,” the SCB stated.
Securities Commission of The Bahamas Corrects Material Misstatements made by Chapter 11 Debtors pic.twitter.com/FkSXEt9fz5
— Securities Commission of The Bahamas (@SCBgov_bs) January 3, 2023
A Battle to Control FTX’s Funds
The FTX fiasco exploded last month, leading to the bankruptcy filing of the crypto exchange and over 130 of its affiliates Affiliates Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Read this Term. Moreover, the exchange was hacked a day after the bankruptcy filing, leading to the theft of at least $372 million in cryptocurrencies. The Bahamas regulator cited the cyberattack and other ill practices by FTX leadership to get a court order to get hold of the FTX tokens held by the locally registered entity, which also filed for bankruptcy in the US.
Ray, who replaced Bankman-Fried as FTX's CEO, questioned the Bahamas regulator’s move to obtain the cryptocurrencies last month. On November 30, a group of debtors of FTX and its affiliates sought the return of the cryptocurrencies held by the Bahamas regulator, as the digital assets were obtained after the commencement of the bankruptcy proceedings.
“The FTX Debtors have informed the Bahamas Commission that none of Mr Bankman-Fried, Mr Wang or the Bahamas Commission had a right to take cryptocurrency of the FTX Debtors,” the group stated. However, the Bahamas regulator earlier said that it will only return the funds with a court order.
The Securities Commission of The Bahamas (SCB) released a statement on Monday to defend itself against the “material misstatements” made by the newly appointed Chief Executive of FTX, John Ray, who is overseeing the bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term proceedings of the collapsed cryptocurrency exchange.
The Bahamas Regulator Challenges FTX's CEO Ray
The statements came in response to Ray’s challenge against calculating the digital assets held by the Bahamas regulator, which belonged to FTX customers. The SCB last week revealed that it is holding $3.5 billion in digital assets that it obtained from the local entity of the company with a court order. It said that the challenge to the calculation of digital assets was based on incomplete information.
Additionally, the Bahamas regulator challenged Ray’s allegations on its order to mint $300 million worth of FTT tokens and the SCB-held tokens of FTX being stolen.
“The US Debtors’ continued lack of diligence when making [a] public statement concerning the Commission is disappointing, and reflects a cavalier attitude towards the truth and towards The Bahamas that has been displayed by the current officers of the Chapter 11 Debtors from the date of their appointment by Sam Bankman-Fried,” the SCB stated.
Securities Commission of The Bahamas Corrects Material Misstatements made by Chapter 11 Debtors pic.twitter.com/FkSXEt9fz5
— Securities Commission of The Bahamas (@SCBgov_bs) January 3, 2023
A Battle to Control FTX’s Funds
The FTX fiasco exploded last month, leading to the bankruptcy filing of the crypto exchange and over 130 of its affiliates Affiliates Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Read this Term. Moreover, the exchange was hacked a day after the bankruptcy filing, leading to the theft of at least $372 million in cryptocurrencies. The Bahamas regulator cited the cyberattack and other ill practices by FTX leadership to get a court order to get hold of the FTX tokens held by the locally registered entity, which also filed for bankruptcy in the US.
Ray, who replaced Bankman-Fried as FTX's CEO, questioned the Bahamas regulator’s move to obtain the cryptocurrencies last month. On November 30, a group of debtors of FTX and its affiliates sought the return of the cryptocurrencies held by the Bahamas regulator, as the digital assets were obtained after the commencement of the bankruptcy proceedings.
“The FTX Debtors have informed the Bahamas Commission that none of Mr Bankman-Fried, Mr Wang or the Bahamas Commission had a right to take cryptocurrency of the FTX Debtors,” the group stated. However, the Bahamas regulator earlier said that it will only return the funds with a court order.