As the eyes are turned to Sam Bankman-Fried and the ongoing court case against him, other elements of that case could delay its resolution, notably dissent among current officials at FTP extension and the governor of the Bahamas. Statements from FTX and its new CEO, John Ray IIIled the Bahamas Securities Commission (Securities Commission of the BahamasSCB) a issue a press release in which the regulator denies most of the information provided by the press and judicial documents.
One of the main points of contention between current FTX executives and the regulator is the state of the assets in the latter’s custody. The statement issued on January 3 indicates that the American debtors represented by John Ray III had publicly contested the Commission’s calculations relating to digital assets transferred to wallets under the control of the regulator: on December 30, 2022, FTX had delivered questioned SCB’s claims that it held $3.5 billion in assets. According to FTX, at the time of the seizure, these assets were worth just $296 million. SCB highlighted that these statements were made on the basis of incomplete information, which reflects the debtors’ lack of due diligence.
Furthermore, the American debtors allegedly suggested that the assets controlled by the Commission had been stolen, without providing substantial evidence to support this claim. Ownership of these assets remains one of the contentious issues in this case, as FTX and its debtors seek to have these assets transferred to them. SCB appears to agree with FTX General Counsel Ryne Miller, however, and echoed one of his assertions that as long as assets were secure, this issue would be resolved in a timely manner.
SCB criticizes FTX’s lack of commitment to sharing information
Another point raised by SCB concerns an alleged request from the regulator to Sam Bankman-Fried. According to John Ray III, the regulator asked Bankman-Fried to mint new FTT tokens worth millions of dollars. This information was disclosed in a sworn deposition before the US House of Representatives Financial Services Committee. The SCB said these statements were baseless and contributed to a climate of distrust in public institutions in the Bahamas.
SCB also noted that Mr. Ray had not bothered to establish a dialogue with his officials before releasing his information to the public. The Commission also fears that his investigation is undermined by debtors’ refusal to allow access to FTX’s AWS system by the court-supervised joint interim liquidators. The regulator concluded by saying that going forward, it hopes debtors proceed in good faith and in the best interests of FTX’s customers and creditors.
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