FTX lawyers lay out allegations that Sam Bankman-Fried, attorneys representing the Bahamian-based subsidiary he still controls, and the Bahamian government are in violation of U.S. bankruptcy law preventing selective payments to creditors.
FTX lawyers have laid out evidence and allegations that Sam Bankman-Fried, attorneys representing the Bahamian-based subsidiary he still controls, and the Bahamian government are in violation of U.S. bankruptcy law preventing selective payments to creditors.
Attorneys representing the current leadership of FTX, those representing the Bahamas-based trading operation still controlled by former CEO Sam Bankman-Fried, and the Bahamian government are all wrangling over hundreds of millions of dollars' worth of assets kept in the island nation. According to the motion, the company also minted new tokens shortly after filing for bankruptcy protection, around the same time an unknown actor withdrew hundreds of millions of dollars-worth of digital assets.
Before putting the majority of his multinational corporate empire into bankruptcy Bankman-Fried also offered to place Bahamian customers ahead of all other FTX customers in direct communication with the country’s attorney general, Ryan Pinder, according to the filing. In the same exchange, Pinder said he was briefing Bahamian PM Davis on the matter.
Twelve hours after Bankman-Fried's offer to make Bahamian customers whole before any others, the FTX corporate Twitter accountPer our Bahamian HQ's regulation and regulators, we have begun to facilitate withdrawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators."
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