bitcoin
Bitcoin (BTC) $ 23,168.21
ethereum
Ethereum (ETH) $ 1,593.55
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 312.37
usd-coin
USD Coin (USDC) $ 0.999835
xrp
XRP (XRP) $ 0.406549
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.095654
cardano
Cardano (ADA) $ 0.387918
solana
Solana (SOL) $ 24.23
matic-network
Polygon (MATIC) $ 1.12
polkadot
Polkadot (DOT) $ 6.29
tron
TRON (TRX) $ 0.062519
bitcoin
Bitcoin (BTC) $ 23,168.21
ethereum
Ethereum (ETH) $ 1,593.55
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 312.37
usd-coin
USD Coin (USDC) $ 0.999835
xrp
XRP (XRP) $ 0.406549
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.095654
cardano
Cardano (ADA) $ 0.387918
solana
Solana (SOL) $ 24.23
matic-network
Polygon (MATIC) $ 1.12
polkadot
Polkadot (DOT) $ 6.29
tron
TRON (TRX) $ 0.062519
-13 C
Chicago
HomeMarket UpdatesBahamas denies allegations it advised Bankman-Fried to mint new cash

Bahamas denies allegations it advised Bankman-Fried to mint new cash


Key Takeaways

  • Courtroom filings accused Bahamas officers of asking Bankman-Fired to mint new tokens and switch them to officers
  • The Securities Fee of the Bahamas (SCB) has additionally fired again towards claims tokens underneath its management had been stolen
  • Arduous to know what allegations are true, however anyone remotely related to FTX is popping out badly amid the entire debacle – and that features the Bahamas regulator

 

There have been lots of startling revelations to emerge during the last month or two following FTX’s spectacular collapse. However some of the insidious, for me no less than, was that the Bahamas authorities labored with Bankman-Fried to mint a brand new token within the wake of the change’s collapse.

Attorneys accuse Bahamas officers of trying to mint new tokens

Attorneys for FTX mentioned in a courtroom submitting in December that Bahamas authorities officers requested Bankman-Fried to mint new digital property value “lots of of hundreds of thousands of {dollars}”, whereas requesting that the disgraced CEO switch the brand new tokens over to the management of presidency officers.

The report, revealed by Bloomberg additionally outlines that Bahamas officers labored to attempt to assist Bankman-Fried regain entry to important laptop programs on the FTX platform. The officers had been “accountable for directing unauthorised entry” to the programs so as to take management of a number of the digital property that had been on the FTX platform.

This was all significantly regarding as cash was evidently transferring on the blockchain after FTX’s collapse. A reported “hack” led to $477 million of crypto transferring within the days after the chapter submitting, with the hacker then seeking to bridge the funds into numerous entities and currencies.

Whether or not this has any connection to the story concerning the Bahamas’ strain on Bankman-Fried is pure hypothesis, and to be clear, no proof in any respect means that authorities have something to do with it.

See also  Australian regulator ASIC sues Finder Pockets

The Bahaman regulator as we speak launched an announcement combating again towards the aforementioned feedback by John Ray III, the consultant of US-based FTX debtors. The assertion learn that it “should as soon as once more appropriate materials misstatements made by Mr. John J. Ray III…in each the press and courtroom filings”.

The assertion outlined that Ray’s courtroom filings, which had been “underneath oath”, had been “with out proof”, staunchly firing again towards the declare that officers had ordered Bankman-Fried to mint new tokens, in addition to instructing “staff (of FTX) to mint $300 million in new FTT tokens”. It went on to dispute the declare that digital property underneath the management of the Securities Fee of the Bahamas (SCB) had been “stolen”.  

What really occurred?

In reality, it’s unimaginable to know the ins and outs of the debacle right here. However what is clear is that this complete saga continues to get extra sordid and embarrassing for cryptocurrency as a complete every day, and anyone remotely related to FTX is trying worse and worse as time goes on.  

The was clearly an enormous failure with regard to regulation within the Bahamas, and the SCB is getting rightfully hammered because of this. Whether or not any of the opposite allegations maintain water, we would not have proof to opine on, however I’m certain time will inform.

With over a million collectors, $8 billion in lacking consumer property, and lots of lives ruined, the unhappiness and gravity of the FTX scenario is hard to overstate. Now, it’s time to kind by means of the mess and attempt to discover out who precisely was at fault past Bankman-Fried, as a result of there’s greater than sufficient blame to go round.  

See also  DCG doesn’t need to return the funds

CoinsTeacher

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Explore More

Related Articles