FTX’s newly appointed CEO John J. Ray III, liable for proscribing the corporate has come beneath the fireplace of the Bahamian authorities. There’s been a brand new tussle and escalating combat over what must be accomplished with the stays of FTX’s crippled empire.
On Sunday, November 27, Bahamas Lawyer Common Ryan Pinder mentioned that the current statements made by FTX CEO John Ray on the U.S. Chapter proceedings have been misrepresented actions and “Regrettable”. In a video deal with on Sunday, Pinder mentioned:
“It’s attainable that the prospect of multimillion greenback authorized and advisor charges is driving each their authorized technique and the intemperate statements. In any case, we urge prudence and accuracy in all future filings”.
For the reason that submitting of FTX’s chapter on November 11, a serious battle is born with the Bahams regulator’s transfer for seizing the crypto property of the native FTX unit. The attorneys representing crypto alternate FTX have raised the doubts that after the bankru[ptcy filing, some assets were ordered to be transferred to the Bahamian government.
The lawyers have also accused Sam Bankman-Fried for undermining the company’sreorganization efforts “incessant and disruptive tweeting.”
After FTX Episode, All Eyes on the Bahamian Government
Since the dramatic collapse of the crypto exchange FTX, regulators across the globe have swung into action. The FTX contagion has impacted the broader crypto market. Several popular crypto lenders like BlockFi and Genesis are facing massive liquidations. As a result, it has become difficult for them to handle liquidity.
Also, the downfall of FTX has cast a spotlight on the Bahamas and its burgeoning crypto industry. However, the island nation continues to defend its efforts of attracting crypto firms. The Bahamian government also added that they won’t stop doing it. Pinder said:
“We do not apologize for our ambition for Bahamians to be at the forefront of this exciting innovative sector. The Bahamas stands behind its decision to regulate digital assets and related businesses. We stand behind the quality of the regulations that exist.
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