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☆ FTX's Bahamas unit seeks Chapter 15 bankruptcy protection -filing
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - FTX's Bahamas unit, FTX Digital Markets, is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, a court filing showed on Tuesday. Such a move allows a foreign debtor to shield assets in the country. Non U.S.-companies use the measure to block creditors who want to file lawsuits or tie up assets in the United States. Parent FTX filed for bankruptcy on Friday in one of the highest-profile crypto blowups, after traders rushed to withdraw $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal. Reporting by Akriti Sharma in Bengaluru; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ FTX Management, Bahamas Gear Up for Fight Over Control of Bankruptcy
▼ + stars: | 2022-11-16 | by ( Jonathan Randles | ) www.wsj.com time to read: 1 min

The Bahamas securities regulator is challenging FTX’s new management for control of bankruptcy proceedings for the cryptocurrency exchange’s subsidiary in the country. FTX Digital Markets Ltd., the exchange’s Bahamian subsidiary, filed for chapter 15 in New York bankruptcy court on Tuesday to seek U.S. recognition of liquidation proceedings in the Bahamas. The action, if successful, could move at least a portion of the legal proceedings over the collapse of FTX from the U.S. bankruptcy courts to local courts in the Bahamas.

☆ FTX's Bahamas liquidators "reject the validity" of US bankruptcy
▼ + stars: | 2022-11-16 | by ( Dietrich Knauth | ) www.reuters.com time to read: 1 min

Nov 16 (Reuters) - FTX's Bahamas-based liquidators said they "reject the validity" of the crypto exchange's U.S. bankruptcy proceedings, according to court documents filed in the U.S. late Tuesday. FTX and 130 affiliates filed for bankruptcy in the U.S. on Nov. 11, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars. But its Bahamas subsidiary FTX Digital Markets entered liquidation proceedings first, and its court-appointed liquidators said late Tuesday that their case may "impact" FTX's effort to reorganize in the U.S. Reporting by Dietrich KnauthOur Standards: The Thomson Reuters Trust Principles.

☆ The bulldog lawyer who helped recoup billions from MF Global's bankruptcy says investors burned by FTX may not be so lucky
▼ + stars: | 2022-11-16 | by ( Emmalyse Brownstein | Alex Morrell | ) www.businessinsider.com time to read: +6 min

The bulldog attorney and hedge fund manager says he sees similarities between MF Global and FTX, but also thinks it could be tougher for FTX customers to get their money back. Koutoulas' behind-the-napkin analysis is that FTX customers stand to recoup just 10 cents on the dollar in bankruptcy. But MF Global was also in a much stronger position financially when it filed for Chapter 11 bankruptcy on Halloween 2011. Of course, that does little to help FTX customers who were wiped out. "MF Global went bankrupt.

☆ Bahamas financial regulators appoint liquidators for FTX unit
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Financial regulators in the Bahamas on Monday appointed liquidators to run FTX's unit in the country, just days after authorities said they were looking for any "criminal misconduct" by the collapsed crypto exchange. The Securities Commission of The Bahamas said it had won court approval and appointed two members from PwC to oversee FTX Digital Markets Ltd, a subsidiary of FTX licensed in the country. FTX founder Sam Bankman-Fried, who lives in the Bahamas, has also been the subject of speculation about his whereabouts and he denied rumors on Twitter that he had flown to South America. When asked by Reuters on Saturday whether he had flown to Argentina, he responded in a text message: "Nope". Reporting by Akriti Sharma in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies FTX in contact with federal, state, international regulatorsMore than one hundred thousand creditors involved in the bankruptcy case, maybe over one millionBahamas regulator appoints provisional liquidatorsFrench cen. "FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," the court filing stated. Reuters Graphics Reuters GraphicsFTX's bankruptcy case includes more than one hundred thousand creditors, and this number could surpass one million, the filings said. The numbers were disclosed as FTX requested that multiple FTX group companies file one consolidated list of major creditors, rather than separate ones. Canadian crypto exchange Bitvo said on Tuesday it had terminated its deal to be bought by FTX, a deal that had been due to close in the third quarter of this year.

☆ FTX collapse: The latest updates on the cryptocurrency crisis
▼ + stars: | 2022-11-14 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

New Delhi CNN Business —Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to be felt on Monday. The episode has not just destroyed confidence in the crypto industry, but it will also embolden global regulators to tighten the screws. There is a “lot of risk,” said Changpeng Zhao, who runs the crypto exchange Binance. On Saturday, FTX said it was looking into whether crypto assets were stolen and has since moved all its digital assets offline. Crypto risk management firm Elliptic said although the theft was unconfirmed, $473 million in crypto assets were apparently stolen from FTX.

☆ Former FTX CEO Sam Bankman-Fried and allies lose influence in Washington as company collapses
▼ + stars: | 2022-11-14 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

Former FTX CEO Sam Bankman-Fried and his allies are losing advocates in Washington, as the company hits rock bottom. 2 Senate Democrat told CNBC on Monday that the contribution "will be donated to an appropriate charity." It was announced in February that FTX and FTX US were joining the group's board of directors. A spokesman for the crypto trade group told CNBC that "on Thursday, ADAM removed FTX.com and FTX.US from its membership." The lobbying group is led by the former Secretary of Homeland Security Tom Ridge.

☆ FTX collapse being scrutinized by Bahamas authorities
▼ + stars: | 2022-11-13 | by ( Jasper Ward | ) www.reuters.com time to read: +4 min

[1/3] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco BelloNASSAU, Bahamas, Nov 13 (Reuters) - The collapse of cryptocurrency exchange FTX is the subject of scrutiny from government investigators in the Bahamas, who are looking at whether any "criminal misconduct occurred," the Royal Bahamas Police said on Sunday. Bankman-Fried had transferred $10 billion of customer funds to his trading company, Alameda Research, the sources said. Blockchain analytics firm Nansen said on Saturday it saw $659 million in outflows from FTX International and FTX U.S. in the preceding 24 hours. In its bankruptcy petition, FTX Trading said it has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors.

☆ FTX collapse being scrutinized by Bahamas investigators
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +2 min

[1/3] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco BelloNov 13 (Reuters) - The collapse of FTX is the subject of scrutiny from investigators in the Bahamas, who are looking at whether any "criminal misconduct occurred," the Royal Bahamas Police said on Sunday. In a statement on Sunday, the Royal Bahamas Police said: "In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred." When asked by Reuters on Saturday whether he had flown to Argentina, he responded in a text message: "Nope". Reporting by Jasper Wade in the Bahamas; Writing by Megan Davies in New York; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Bankrupt crypto exchange FTX is under criminal investigation in The Bahamas
▼ + stars: | 2022-11-13 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Authorities in The Bahamas are investigating potential criminal misconduct surrounding the stunning implosion of crypto exchange FTX, authorities said on Sunday. In a statement, the Royal Bahamas Police Force confirmed the investigation into FTX, which is headquartered in The Bahamas. It’s not clear which particular aspect of the swift collapse of FTX authorities are investigating. Previously one of the most trusted brands in crypto, FTX filed for bankruptcy on Friday and announced the resignation of Sam Bankman-Fried, its 30-year-old CEO who has lost a fortune in the past week. Neither FTX nor a lawyer representing Bankman-Fried responded to requests for comment on Sunday in response to the investigation from authorities in The Bahamas.

☆ Bahamian police reportedly interviewed Sam Bankman-Fried this weekend, investigations into downfall intensify
▼ + stars: | 2022-11-13 | by ( Bethany Biron | ) www.businessinsider.com time to read: +2 min

Bahamian police questioned FTX founder Sam Bankman-Fried on Saturday, Reuters reported. The police say they are investigating if "criminal misconduct occurred" tied to the downfall of FTX. Bankman-Fried was rumored to have fled to Argentina earlier this weekend. The Royal Bahamas Police questioned Bankman-Fried to discover if any "criminal misconduct occurred," Reuters reported on Sunday. The Financial Times later reported that FTX held only $900 million in sellable assets against $9 billion in liabilities.

loadingIn a follow-up tweet, FTX said subsidiaries LedgerX LLC, FTX Digital Markets, FTX Australia Pte Ltd, FTX Capital Markets, Embed Financial Technologies and Embed Clearing were not included in the Chapter 11 filings. People familiar with the matter told Reuters at least $1 billion of customer funds have vanished from FTX. The nine days of turmoil hit already-struggling cryptocurrency markets, sending bitcoin to two-year lows . Its CEO Brian Armstrong told CNBC crypto markets need regulation to avoid more washouts like FTX. This is the primary way financial markets could suffer, as it may have further minor implications for portfolio shocks in a volatile macro regime."

SINGAPORE/LONDON, Nov 11 (Reuters) - Regulators are moving in on distressed crypto exchange FTX as it scrambles to raise billions in funds to stave off collapse, while its chief executive, Sam Bankman-Fried, faces heightened scrutiny. The Securities Commission of the Bahamas has frozen assets of FTX Digital Markets, an FTX subsidiary. FTX Australia called in administrators on Friday, the Australian Financial Review reported, citing a company statement. Bankman-Fried is under investigation by the U.S. Securities and Exchange Commission for potential securities law violations, Bloomberg reported, citing a source. This source said helping out FTX was the question for larger investors in FTX.

Meanwhile, the Securities Commission Of the Bahamas said on Thursday it had frozen assets of FTX Digital Markets, an FTX subsidiary. Broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX. "We believe there is a 20-30% chance of a FTX rescue at best," said Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds. He is seeking the remainder from other funds, including current investors such as Sequoia Capital, the source added. It was not clear whether Bankman-Fried will be able to raise the funds he needs or if these investors would participate.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Tether's chief technology officer, Paolo Ardoino, tweeted that it had "no plans to invest in or lend assets to FTX." FTX also got hit by the Bahamas Securities Commission, where the company is based, freezing assets of FTX Digital Markets "and related parties". In a tweet, FTX said it had reached a deal with Tron to establish a special facility that would allow clients to swap some crypto assets from FTX to external wallets. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported.

☆ Bahamas freezes certain FTX assets, further crippling Sam Bankman-Fried's troubled crypto trading firm
▼ + stars: | 2022-11-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Bahamas securities regulator has frozen the assets of FTX Digital Markets, an FTX subsidiary. The Bahamian securities regulator said any such actions are "contrary to normal governance." Certain assets of FTX Digital Markets — a subsidiary of Bankman-Fried's FTX crypto exchange — have been frozen by the Bahamas securities regulator, the authorities said in a media release on ThursdayAttorney Brian Simms, K.C. The Securities Commission of the Bahamas said in the announcement it's aware of statements suggesting FTX mishandled, mismanaged, or transferred the assets of clients to Alameda Research, Bankman-Fried's crypto trading firm. "Based on the Commission's information, any such actions would have been contrary to normal governance, without client consent and potentially unlawful," the Bahamian securities regulator added.

☆ Factbox: Global regulatory actions against FTX
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

FTX and its local units, had already attracted scrutiny from regulators around the world. The Securities Commission of the Bahamas said on Thursday it would freeze the assets of FTX Digital Markets, the group's local unit, and also appointed a provisional liquidator for the unit. EUROPE/CYPRUSCyprus's Securities and Exchange Commission asked FTX EU to suspend its operations on Nov. 9, the regulator said on Friday. FTX announced in September it had received approval from the Cypriot regulator to operate as a Cyprus Investment Firm, allowing the company to fully own a local investment firm it had previously acquired. The local unit resumed withdrawals on Friday.

☆ Sam Bankman-Fried steps down as FTX CEO as his crypto exchange files for bankruptcy
▼ + stars: | 2022-11-11 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022. Sam Bankman-Fried's cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the U.S., according to a company statement posted on Twitter. CNBC reached out to Adam Landis, founding partner of Landis Rath & Cobb LLP, who filed the Chapter 11 proceedings on behalf of FTX. FTX founder Sam Bankman-Fried admitted on Thursday that he "f---ed up." The Chapter 11 proceedings exclude the following subsidiaries: LedgerX LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd., and FTX Express Pay Ltd.

☆ Bahamas securities regulators freeze assets of FTX's unit
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

Nov 10 (Reuters) - The Securities Commission Of the Bahamas said on Thursday it had frozen assets of FTX Digital Markets, a subsidiary of the cryptocurrency exchange. The regulator said it had also suspended the registration and applied to the Supreme Court of The Bahamas for the appointment of a provisional liquidator of FTX Digital Markets Ltd. Reporting by Aishwarya Nair in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ FTX Digital Markets Assets Frozen in the Bahamas
▼ + stars: | 2022-11-10 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

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. FTX Digital Markets, based in the Bahamas, is a subsidiary of cryptocurrency exchange FTX Trading Ltd., led by founder 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.

☆ Crypto PACs backed by Sam Bankman-Fried, Scaramucci plan last-minute midterm ad blitz
▼ + stars: | 2022-10-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

A network of political action committees supported by cryptocurrency industry leaders are planning a last-minute ad campaign in support of congressional candidates, according to one of the groups' chief strategists. Web3 Forward and Crypto Innovation, two super PACs financed by the crypto executives, are both expected to spend at least six figures on an ad blitz starting in two weeks, the strategist explained. During the primary season, Web3 Forward backed Democrats running for Congress, while Crypto Innovation supported Republicans, according to Federal Election Commission records. The spending by the crypto PACs will add to a flurry of cash flowing in what are expected to be the most expensive midterm elections ever. Former Trump White House communications director and SkyBridge Capital founder Anthony Scaramucci donated $100,000 to Crypto Innovation in March, according to an FEC filing.

☆ Crypto donor dead set on preventing the next global pandemic gave millions to Trump-backed candidates who opposed COVID regulations to court MAGA base
▼ + stars: | 2022-09-19 | by ( Warren Rojas | ) www.businessinsider.com time to read: +3 min

Crypto financier Ryan Salame has donated millions to Republican candidates. Three of the candidates Salame supported this year railed against COVID restrictions. The three Republican candidates have all clashed with COVID restrictions in their attempts to woo the MAGA faithful to their side. Hines took to Twitter in August 2021 to lobby against vaccine mandates of any kind. "Ban COVID-19 Vaccine Mandates in our workplaces, our children's schools, and throughout #NC13!"

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