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.

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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."

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©2022 Bloomberg L.P.


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