FTX sues Bahama Liquidators, claims that US companies are the headquarters (report)

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since the FTX imploded in November, supervisory authorities and courts have worked tirelessly to bring as many assets from FTX as many of FTX in both the United States and on the Bahamas.

While court proceedings in the USA have temporarily stalled, which is partly due to SBF's confession of innocence, the Bahama Supervisory Authorities were able to confiscate some assets from the start and seem to be FTX Digital Markets, the Bahama subsidiary of the failed crypt, approaches.

dispute over the importance of the Bahama entity

The current lawsuit was submitted by FTX US against the Bahama authorities responsible for the liquidation of FTX Digital Markets. If the former wins the lawsuit, this could mean that a larger part of the assets controlled by FTX would be sold by US courts, which would possibly lead to a greater recovery by US customers to the disadvantage of international customers.

In order to start this process, the new CEO of FTX, John J Ray III, submitted an application to the Delaware insolvency court and demanded that FTX Digital Markets “have no participation in crypto -currency, intellectual property and intellectual property of FTX.com had customer relationships.”

The provisional head of FTX postulated that FTX DM was nothing more than a mailbox company that was founded for the purpose of moving money from the reach of the US regulatory authorities, and was not of crucial importance for the lawful operation of the stock exchange.

"(FTXDM) was a corporate shell and the heart of the efforts of the founder Sam Bankman-Fried, customer interlocks from FTX Trading and other valuable property rights and rights outside of the reach of American supervisory authorities and courts to lead to the Bahamas."

The Bahama authorities claim that FTX DM was the main center

Despite FTX US's claim that FTX DM had never achieved significant operational services for the FTX Group, the Bahama supervisory authorities demanded that the local highest court should decide which unit is more important for the operation of the stock exchange and which should be the one that has paid off the customers as soon as the dust has subsided.

According to Bahamic liquidators, the fact that FTX has moved his headquarters from Hong Kong to the Bahamas that FTX DM was much more than just a mailbox company. In addition, the company's business plans and TOS update from May 2022 allegedly show a "clear intention" to postpone customer deposits to FTX DM, according to the liquidators based on the Bahamas.

The dispute over the importance of FTX DM comes about despite an agreement between the FTX US authorities and the Bahamas about the coordination of the restoration efforts. According to the Bahama authorities, the cooperation memorandum does not prevent them from striving for a decision about which FTX unit was of central importance for the operations of the now dissolved crypto empire.

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