Sam Bankman-Fried, the indicted founder of bankrupt cryptocurrency exchange FTX, wants a U.S. judge to throw out criminal charges brought against him following his extradition from the Bahamas, Reuters reported. In papers filed late Monday in Manhattan federal court, lawyers for the former billionaire said they asked Bahamas' Supreme Court to bar the country's government from authorizing U.S. prosecutors to move forward on the five charges, until their client has a chance to be heard. The lawyers said that a sixth charge, for violating U.S.
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Bankrupt crypto exchange FTX on Sunday sued the liquidators overseeing the wind-down of its Bahamian affiliate FTX Digital Markets, accusing them of wrongly claiming ownership of the exchange's assets, Reuters reported. FTX's U.S. based bankruptcy team, led by new CEO John Ray, said in its lawsuit that the liquidators were laying claim to FTX.com’s cryptocurrency, intellectual property, and customer relationships. FTX called FTX DM a "fraudulent enterprise", initially set up only to be a "local service company", which did not own the FTX.com exchange or any of the cryptocurrency seized.
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FTX on Friday disputed claims by the Securities Commission of the Bahamas (SCB) that the regulator was holding $3.5 billion of the bankrupt cryptocurrency exchange's assets, Reuters reported. When the Commission seized the digital assets of FTX in November, they were worth just $296 million, FTX said in a statement. FTX urged the commission to "clear up any confusion" about the assets it holds and their value. The regulator began liquidation proceedings against FTX Digital Markets Ltd., the company's Bahamas-based unit, in November.
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FTX’s U.S. managers are negotiating with Bahamian authorities to resolve a dispute over access to the failed crypto exchange’s electronic records, lawyers said in a court hearing Friday, following weeks of publicly criticizing each other over the handling of FTX’s collapse, WSJ Pro Bankruptcy reported. FTX Chief Executive John J.
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The collapse of cryptocurrency exchange FTX has opened a hornet’s nest of squabbles between foreign governments and its new U.S. chief executive, John J. Ray III, the Wall Street Journal reported. In Cyprus, the country’s securities regulator is complaining that Mr. Ray’s decision to place FTX in bankruptcy has stymied investigations and is preventing European customers from getting their money back. Officials in the Bahamas, where FTX moved its headquarters last year, are accusing Mr.
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Collapsed cryptocurrency exchange FTX remains the subject of "an active and ongoing investigation" by Bahamian authorities, Bahamian Attorney General Ryan Pinder said on Sunday, as he praised the Bahamas' regulatory regime and swiftness with which it responded to the crisis, Reuters reported. FTX, which had been among the world's largest cryptocurrency exchanges, is headquartered in the Bahamas. The firm, whose liquidity crunch forced the company to declare bankruptcy on Nov. 11, is the subject of investigations by Bahamian and U.S. authorities.
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The Securities Commission of The Bahamas said on Thursday it has ordered all digital assets of FTX Digital Markets Ltd (FDM) transferred to a digital wallet controlled by the Commission for safekeeping, Reuters reported. "Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM," the commission said in a statement. Read more.
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FTX Digital Markets, the Bahamas-based unit of the recently collapsed cryptocurrency trading platform, has filed for bankruptcy protection in the U.S., CNN reported. The company filed Tuesday in New York court under chapter 15. The move comes after the crypto exchange’s U.S.-based arm, FTX Group, abruptly filed for bankruptcy Friday after facing a “severe liquidity crisis.” FTX founder Sam Bankman-Fried resigned as CEO the same day. FTX’s rapid collapse marked a stunning downfall for one of the biggest and most powerful players in the crypto industry.
Liquidators for FTX's Bahamas unit, FTX Digital Markets, have asked a New York City court to recognize its bankruptcy in the Bahamas, saying they "reject the validity" of the cryptocurrency exchange's U.S. bankruptcy proceedings, Saltwire reported. The Bahamas liquidators, who were appointed on Nov. 10 by the Securities Commission of the Bahamas, filed a chapter 15 petition late Tuesday in U.S. bankruptcy court in New York, asking the court to help them obtain records from FTX and block asset transfers to protect creditors of the Bahamas-based company.
The Securities Commission of the Bahamas said that it froze the assets of FTX Digital Markets Ltd. and related parties on Thursday and appointed a provisional liquidator, WSJ Pro reported. FTX Digital Markets, based in the Bahamas, is a subsidiary of FTX Trading Ltd. owned by billionaire Sam Bankman-Fried. The powers of the directors of FDM have been suspended and no assets held by the firm can be transferred without the provisional liquidator’s approval, the commission said.