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

France Unexpectedly Grows Amid Europe Recession Fear: GDP Update
France Unexpectedly Grows Amid Europe Recession Fear: GDP Update

(Bloomberg) -- The French economy grew unexpectedly in the final three months of 2022, offering encouragement with the euro area that's on the edge of...

Top Bond Fund Bets Markets Are Wrong on Rates, Again
Top Bond Fund Bets Markets Are Wrong on Rates, Again

(Bloomberg) -- After successful bets against the world's major bond markets paid off in 2022, a BlueBay Asset Management fund is positioned for another debt ...

France Hit by New Strikes as Pension Reform Opposition Grows
France Hit by New Strikes as Pension Reform Opposition Grows

(Bloomberg) -- French labor unions are leading a second day of mass strikes and protests on Tuesday against raising the retirement age in a test of the...

US, South Korea Plan to Bolster Military Drills That Anger Kim
US, South Korea Plan to Bolster Military Drills That Anger Kim
  • World
  • 2023-01-31 07:47:02Z

(Bloomberg) -- The US and South Korea are planning to step up the scale of their joint military exercises, a move that has in the past prompted threats and...

UBS Profit Beats Expectations as Rates Offset Trading Slowdown
UBS Profit Beats Expectations as Rates Offset Trading Slowdown

(Bloomberg) -- UBS Group AG reported fourth-quarter profit that beat expectations and said it plans to buy back more than $5 billion of shares this year, as ...

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