Bankman-Fried accused of using $100 million in FTX customer funds for political contributions

NASSAU, BAHAMAS — US federal prosecutors allege that embattled FTX founder Sam Bankman-Fried used misappropriated customer funds to make more than $100 million in political campaign contributions.  The newly filed indictment on Monday asserts that these funds were channeled into campaign donations in anticipation of the 2022 US midterm elections. The new indictment comprises seven […]

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 […]