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The Securities Fee of the Bahamas has disputed FTX’s declare that the worth of the cryptocurrencies it seized from the bankrupt crypto alternate was not $3.5 billion. The brand new FTX chief’s “continued lack of diligence when making public statements in regards to the Fee is disappointing,” the Bahamian regulator burdened.
Bahamas Regulator and FTX Disagree on the Worth of Seized Crypto Property
The Securities Fee of the Bahamas issued an announcement Monday to “appropriate materials misstatements” made by the brand new FTX CEO, John J. Ray III, relating to the worth of the cryptocurrencies it seized from FTX. Ray represents U.S. FTX debtors within the crypto alternate’s chapter submitting (Chapter 11 Debtors).
The Bahamian regulator defined that on Dec. 30, 2022, FTX and Ray “publicly challenged the Fee’s calculations” of the worth of the crypto belongings transferred to its digital wallets on Nov. 12. In line with the Fee, over $3.5 billion in cryptocurrencies have been seized from FTX. Nonetheless, Ray argued that the worth of the digital belongings transferred on that date was truly about $296 million.
In its Monday assertion, the Fee stated that the U.S. FTX debtors’ calculations “have been based mostly on incomplete info,” asserting:
The Chapter 11 Debtors selected to not make the most of their potential to request info from the joint provisional liquidators pursuant to a courtroom order of the Supreme Court docket of the Bahamas… The U.S. debtors’ continued lack of diligence when making public statements in regards to the Fee is disappointing.
The Bahamas regulator alleged that the brand new FTX CEO made false statements relating to the Fee in a courtroom submitting on Dec. 12, 2022, “with out proof,” and once more below oath on Dec. 13 earlier than the U.S. Home Committee on Monetary Providers. The regulator particularly talked about the accusation that it requested former FTX CEO Sam Bankman-Fried (SBF) to mint “a considerable quantity of recent tokens” throughout the crypto alternate’s chapter course of.
The Fee added:
Mr. Ray has not as soon as reached out to the Fee to debate any of his considerations earlier than airing them publicly.
Ray was appointed the brand new FTX CEO and its chief restructuring officer when Bankman-Fried stepped down because the crypto alternate filed for bankruptcy. Ray, who additionally led Enron throughout the power big’s chapter, said about FTX in November: “By no means in my profession have I seen such a whole failure of company controls and such a whole absence of reliable monetary info as occurred right here.”
The Securities Fee of the Bahamas additional revealed that the brand new FTX CEO has not responded to its Dec. 7 letter by which the Bahamian regulator supplied “cooperation with Chapter 11 Debtors.”
Do you imagine the Securities Fee of the Bahamas or the brand new FTX administration relating to the worth of seized cryptocurrencies? Tell us within the feedback part under.
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