The Supervisory Authority of the Bahamas denies FTX's assertion about the value of confiscated cryptocurrencies - regulation
The Supervisory Authority of the Bahamas denies FTX's assertion about the value of confiscated cryptocurrencies - regulation
The Securities Commission of the Bahamas has denied FTX's claim that the value of the cryptocurrencies confiscated by the bankrupt crypto exchange was not $ 3.5 billion. The "persistent lack of care of the new FTX boss in public statements about the Commission is disappointing," emphasized the Bahama Supervisory Authority.
The supervisory authority of the Bahamas and the FTX do not agree on the value of the confiscated crypto assets
The Securities Commission of the Bahamas made an explanation on Monday to correct "essential false information" of the new FTX CEO John J. Ray III in relation to the value of the cryptocurrencies confiscated by FTX. Ray represents US TFX debtor in the bankruptcy application of the crypto exchange (chapter 11 debtor).
The Bahama Supervisory Authority said that FTX and Ray on December 30, 2022 "the calculations of the Commission" to the value of the crypto-assets that were transferred to their digital wallets on November 12. According to the Commission over 3.5 billion dollars In cryptopia Ftx confiscated. Ray argued, however, that the value of the digital assets transferred at this point actually was around $ 296 million.
In its explanation of Monday, the Commission said that the calculations of the US FTX debtor "were based on incomplete information", and claimed:
The Chapter 11 debtors have decided to request information from the joint preliminary insolvency administrators in accordance with a court decision by the Bahama's Supreme Court, not to claim ... The continued lack of care of the US debtors in public declarations on the Commission is disappointing.
The Bahamas supervisory authority claimed that the new FTX CEO had "without evidence" in a court application on December 12, 2022 and again under oath on December 13 before the committee for financial services of the US Representative House. The supervisory authority expressly mentioned this charge that the former FTX CEO Sam Bankman-Fried (SBF) asked to shape "a considerable amount of new tokens" during the insolvency procedure of the crypto exchange.
The Commission added:
Mr. Ray never turned to the Commission to discuss his concerns before he has publicly expressed it.
ray was appointed the new FTX CEO and Chief Restructuring Officer when Bankman-Fried stepped down as a crypto exchange bankruptcy registered . Ray, who also led Enron during the bankruptcy of the energy giant, said about ftx in November:" I have experienced such a complete failure of corporate controls and such a complete lack of trustworthy financial information as here. ”
The Securities Commission of the Bahamas also announced that the new FTX CEO did not answer its letter of December 7, in which the Bahama Supervisory Authority offered “Cooperation with debt according to Chapter 11”.
Do you believe the Securities Commission of the Bahamas or the new FTX management in relation to the value of confiscated cryptocurrencies? Let us know in the comment area below.
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