FTX Digital Markets staff terminated

NASSAU, BAHAMAS — Several employees of FTX Digital markets have been made redundant, with the joint provisional liquidators indicating that due to the company’s financial position, they are unable to make redundancy payments. The liquidators have indicated that instead, employee redundancy payments will rank as a “preferred claim” against the company. It was unclear how […]

FTX US and Bahamian joint provisional liquidators reach cooperation agreement

NASSAU, BAHAMAS — FTX Trading Ltd and its affiliated US debtors announced yesterday that they have come to terms for “mutual cooperation” with the Bahamian-appointed joint provisional liquidators in their recovery efforts, ending a weeks-long courtroom stand off over access to vital information regarding the collapsed crypto empire. FTX announced yesterday that the agreement would […]

Securities Commission seeking court direction over handling of digital assets info

NASSAU, BAHAMAS — The Securities Commission of The Bahamas (SCB) said yesterday that it has applied for directions from the Supreme Court of The Bahamas as to whether it can provide FTX’s US debtor representatives with information regarding some $3.5 billion in digital assets under its control. The regulator said in a statement that it […]

US embassy lauds “strong partnership” displayed during SBF’s extradition

NASSAU, BAHAMAS — In the wake of Sam Bankman-Fried’s official transfer from the custody of The Bahamas to the United States, The US Embassy released a statement boasting of the “strong partnership” displayed between the two nations. “The United States and The Bahamas share a long history of law enforcement cooperation. This cooperation includes everything […]

SBF “ANXIOUS TO LEAVE”: Bankman-Fried expected to be extradited today

NASSAU, BAHAMAS — Jerone Roberts, attorney for FTX mogul Sam Bankman-Fried, told the court that his client was “anxious to leave” The Bahamas where he has been remanded for the past week. Bankman-Fried waived his right to a formal extradition hearing before Magistrate Shaka Serville this morning, bringing an end to the days-long speculation over […]

WORDS MATTER: Foreign Affairs Minister cautions US legislators to stop casting aspersions on The Bahamas over FTX collapse

NASSAU, BAHAMAS — Foreign Affairs Minister Fred Mitchell has cautioned US legislators and FTX CEO John Ray against finger-pointing and casting aspersions that could harm the reputation of The Bahamas. His comments come as Sam Bankman-Fried, the former CEO of the collapsed crypto exchange returns to court today to reverse his decision to fight extradition […]

INSIDE SBF COURT HEARING: Bankman-Fried’s lawyers say hearing shocking and premature

NASSAU, BAHAMAS — An emergency hearing for disgraced FTX founder Sam Bankman-Fried was forced to take a 45-minute recess after his lawyers told a magistrate his appearance this morning was “shocking” and “premature”. SBF’s counsel Jerone Roberts told magistrate Shaka Serville that he has not yet made any formal request for his client to appear […]

FTX’s Bahamian liquidators accuse company’s US debtors of ‘stringing along’ process

NASSAU, BAHAMAS — FTX’s joint provisional liquidators have refuted assertions that they “sat on their hands” and waited a month to file an emergency motion seeking to gain access to the collapsed company’s electronic records. The provisional liquidators argued that despite attempting to appear cooperative, the US Debtors have been “stringing the process along.”  Court […]

NO SPECIAL TREATMENT: Sam Bankman-Fried in maximum security sickbay with five other men

NASSAU, BAHAMAS — Bahamas Department of Correctional Services acting Commissioner of Corrections Doan Cleare has confirmed that embattled former FTX CEO Sam Bankman-Fried is currently in the sick bay of the maximum security block with five other men. Cleare told Eyewitness News that the 30-year-old disgraced billionaire seemed to be in good spirits when he […]

Former FTX CEO Sam Bankman-Fried fights US extradition, denied bail

NASSAU, BAHAMAS — Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, was yesterday remanded to the Bahamas Department of Correctional Services as he fights extradition to the United States. Citing his access to “substantial finances”, Chief Magistrate Joyann Ferguson-Pratt said she did not believe there was any bail condition she could impose that would […]

SEC complaint alleges Bankman-Fried orchestrated scheme to defraud investors of billions for speculative investments and to grow crypto empire

NASSAU, BAHAMAS — The US Securities Exchange Commission (SEC) has charged disgraced former FTX CEO Sam Bankman-Fried with orchestrating a scheme to defraud investors of billions of dollars which he diverted to his Alameda Research crypto hedge fund for his own personal benefit and to help grow his crypto empire. The regulator claims that since […]

New FTX CEO says liquidation process in The Bahamas lacks transparency, alleges pushback from government and regulators

NASSAU, BAHAMAS — FTX CEO John Ray III in a congressional hearing into the company’s collapse yesterday slammed The Bahamas’ company liquidation  process as lacking transparency, claiming that the ‘pushback’ being received from the Bahamian government and regulators was ‘extraordinary’ and ‘irregular.’  Ray was addressing a House Financial Services Committee hearing into the collapse of the […]

Bankman-Fried: Bahamian real estate purchases were aimed at luring top Silicon Valley employees

NASSAU, BAHAMAS — Embattled former FTX CEO Sam Bankman-Fried claims that the company’s reported $300 million in Bahamian real estate purchases were aimed at attracting top Silicon Valley employees to The Bahamas. Bankman-Fried denied that he committed fraud and commingled FTX customer funds with his Alameda Research firm during a nearly hour-long interview yesterday. He […]

Liquidators says “significant uncertainty” remains around outcome of FTX Digital Markets proceedings

Liquidators say their work has been hampered by lack of access to company books and records NASSAU, BAHAMAS — The Court appointed joint provisional liquidators for Bahamas-based FTX Digital markets said yesterday that there remains “significant uncertainty” around the outcome of proceedings involving the company, noting that their work has been hampered by a lack […]