FTX Tensions Intensify as Bahamas Blasts Company's New Chief Ray




  • In Business
  • 2022-11-28 01:28:43Z
  • By Bloomberg

(Bloomberg) -- The Bahamian government blasted the person in charge of restructuring crypto exchange FTX, the latest salvo in an escalating fight over what remains of Sam Bankman-Fried's crumbled empire.

Most Read from Bloomberg

  • Next Covid-19 Strain May be More Dangerous, Lab Study Shows

  • The Treasury Market's Big Recession Trade Is Gathering Momentum

  • Ukraine's Victories May Become a Problem for the US

Bahamas Attorney General Ryan Pinder on Sunday said that recent statements made in US bankruptcy proceedings by John J. Ray III were "regrettable" and misrepresented actions taken by the nation's securities watchdog. Ray, a turnaround and restructuring expert, is also acting as FTX's chief executive officer.

"It is possible that the prospect of multimillion dollar legal and consultant fees is driving both their legal strategy and the intemperate statements," Pinder, who is also a senator, said in a video address. "In any case, we urge prudence and accuracy in all future filings," he added.

Tensions have been rising after more than 100 FTX companies filed for bankruptcy in the US on Nov. 11. A major source of conflict has been the Bahamas regulator's move to then seize the digital assets of the local FTX unit.

Lawyers for the crypto exchange have accused Bankman-Fried of undermining reorganization efforts with "incessant and disruptive tweeting." They have also raised the suggestion that some FTX assets were ordered to be transferred to the Bahamian government after the bankruptcy filing.

FTX's downfall has rippled across the crypto markets and cast a spotlight on the Bahamas and its burgeoning crypto industry. The island nation has staunchly defended its effort to attract digital-asset firms and insisted that it won't stop doing so.

"We do not apologize for our ambition for Bahamians to be at the forefront of this exciting innovative sector," Pinder said. "The Bahamas stands behind its decision to regulate digital assets and related businesses. We stand behind the quality of the regulations that exist."

Most Read from Bloomberg Businessweek

  • Apple's Reliance on China Grows Perilous With Chaos in iPhone City

  • Professor Behind Effective Altruism on What SBF's Fall Means

  • The Robot Tractors Are Coming, Just as Soon as We Crush a Few Bugs

  • Elon Musk Keeps Quoting Elon Musk About His Genius

  • Crypto's Crash Is Helping a Few Couples Rekindle Their Relationships

©2022 Bloomberg L.P.

COMMENTS

More Related News

Xi Rejects Westernization in Show of Faith in Self Reliance
Xi Rejects Westernization in Show of Faith in Self Reliance
  • World
  • 2023-02-08 09:49:56Z

(Bloomberg) -- China's successful development shows there is another way to modernize, President Xi Jinping said, rejecting any need to "westernize" and...

K-Pop Godfather Spurs Rally in Battle for Music Empire
K-Pop Godfather Spurs Rally in Battle for Music Empire

(Bloomberg) -- SM Entertainment Co.'s stock price surged to a record high after the K-pop agency's founder vowed to block a share sale to internet giant...

Xi Told Japan
Xi Told Japan's Abe He Wouldn't Be a Communist If Born in the US
  • World
  • 2023-02-08 08:57:23Z

(Bloomberg) -- Chinese President Xi Jinping told the late Japanese Prime Minister Shinzo Abe he probably wouldn't have joined the Communist Party if he'd...

Liquor Maker Guotai Weighing $500 Million Hong Kong IPO, Sources Say
Liquor Maker Guotai Weighing $500 Million Hong Kong IPO, Sources Say

(Bloomberg) -- Guizhou Guotai Liquor Group Co., a Chinese white liquor brand, is considering a Hong Kong initial public offering that could raise more than $...

Quake Latest: Erdogan to Visit Disaster Zone; Stocks Suspended
Quake Latest: Erdogan to Visit Disaster Zone; Stocks Suspended

(Bloomberg) -- Most Read from BloombergMeta Asks Many Managers to Get Back to Making Things or LeaveQuake Toll Hits 4,000 in Turkey, Syria as Overseas Aid...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • nail polish colors
    (2022-12-15 07:48:00Z)

    Explore the best quality nail polish colors in Pakistan. Rivaj brings a wide range of the latest nail polish colors online in all over Pakistan at reasonable prices. So, order your favorite colors today.

    REPLY
  • Sneakers in Pakistan
    (2022-12-15 10:27:34Z)

    Servis offers the best Sneakers in Pakistan. Discover a wide range of the latest sneakers in all over Pakistan at low prices. Select your favorite latest sneakers today.

    REPLY
  • party wear dress
    (2022-12-28 15:21:00Z)

    Etisal brings the best party wear dress and elegant designs. Etisal has an amazing variety available online, So hurry up and grab your favorite dress before the stock runs out.

    REPLY
  • blush on shades in Pakistan
    (2023-01-04 13:44:14Z)

    Flormarpk offers the best blush on shades in Pakistan. Flormar provides the best quality cosmetics products online in all over Pakistan. Grab your blush on now and match the fashion.

    REPLY

Top News: Business