Bahamas reportedly requested SBF to mint new coin after FTX collapse


The Bahamas authorities reportedly labored with former FTX CEO Sam Bankman-Fried to subject a brand new cryptocurrency managed by native officers.

Following the FTX collapse in November, Bahamas authorities officers reportedly requested Bankman-Fried to mint new digital belongings value “a whole bunch of hundreds of thousands of {dollars},” attorneys for FTX mentioned in a court docket submitting, Bloomberg reported on Dec. 12. The authorities additionally reportedly requested the previous FTX CEO to switch the brand new tokens to the management of island officers.

The report additionally means that Bahamas officers tried to assist Bankman-Fried regain entry to key pc programs of the now-defunct FTX buying and selling platform. In line with American attorneys, Bahamas officers had been “answerable for directing unauthorized entry” to FTX programs as a way to take over management of digital belongings below the supervision of a U.S. court docket.

John J. Ray III, FTX’s new CEO and restructuring professional, reportedly watched as somebody minted new cash whereas he and his crew tried to get management of FTX’s pc programs, the report notes.

The attorneys’ claims additional escalate the battle between FTX restructuring executives in the USA and officers within the Bahamas. In line with U.S. attorneys, liquidators within the Bahamas requested a U.S. decide for entry to FTX information managed by their American counterparts, together with buying and selling information, electronic mail information and different data.

“It’s a request for stay, dynamic entry that might be offered instantly to the federal government of the Bahamas and to Messrs,” the attorneys reportedly wrote in a court docket submitting on Tuesday.

As a way to help their accusations of alleged cooperation between Bahamas authorities and SBF, the American attorneys talked about that SBF opened withdrawals for all Bahamian shoppers. On Nov. 10, only a day earlier than FTX filed for chapter, the agency mentioned that it began to facilitate withdrawals of Bahamian funds, citing compliance with native laws. The occasion resulted in hundreds of thousands of {dollars} value of cryptocurrency leaving the alternate.

Associated: Hours earlier than his arrest, SBF denied being a part of ‘Wirefraud’ chat group

Whereas the brand new report brings extra allegations of shut ties between FTX and authorities officers within the Bahamas, different reviews additionally recommend that SBF had connections with the U.S. authorities as properly. In line with some reviews, SBF spent about $40 million on supporting Democrats through the 2021–2022 political cycle. Tesla CEO Elon Musk speculated that the quantity that SBF really donated to Democratic candidates was over $1 billion.

The information comes shortly after SBF expressed curiosity in forming a brand new challenge as a way to repay as much as $50 billion to FTX’s collectors. The FTX founder was subsequently arrested within the Bahamas on Dec. 12.


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