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☆ FTX suggests Sam Bankman-Fried transferred assets to Bahamas government custody after bankruptcy: Filing
▼ + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

FTX in a bombshell emergency court filing Thursday said evidence suggests Bahamian regulators directed former CEO Sam Bankman-Fried to gain "unauthorized access" to FTX systems to obtain digital assets belonging to the company after it had filed for bankruptcy protection. The filing said that Bankman-Fried transferred those assets to the custody of the Bahamian government. It cites an interview published by Vox on Wednesday where Bankman-Fried expresses serious disdain for regulators. In that motion, FTX said the alleged conduct puts "in serious question" a request by Bahamian regulators for recognition as liquidators in the bankruptcy. The appointment of the JPLs and recognition of the Chapter 15 Case are thus in serious question," the filing continued.

FTX's bankruptcy case includes more than 100,000 creditors, and this number could surpass 1 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. REUTERS/Dado Ruvic/IllustrationCrypto lender BlockFi, which previously acknowledged it has significant exposure to FTX, plans to lay off workers while preparing to file for bankruptcy, the Wall Street Journal reported. Separately, bankrupt crypto lender Voyager Digital no longer plans to sell itself to FTX, Bloomberg reported, while Canadian crypto exchange Bitvo said it terminated its deal to be bought by FTX. I'm meeting in-person with regulators and working with the teams to do what we can for customers," he said on Twitter.

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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

The crypto giant FTX and its affiliated companies have started the process of filing for Chapter 11 bankruptcy, with founder Sam Bankman-Fried stepping down as CEO. Bankman-Fried sent out a series of tweets on Friday stating his hope that FTX would be able to continue as a going concern following its bankruptcy. Media outlets have reported that the Securities and Exchange Commission and Justice Department are now investigating FTX. In the days following the report, rival crypto exchange Binance announced it was liquidating its FTT holdings. Unable to find an out, FTX announced its bankruptcy filing Friday morning.

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.

☆ 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.

☆ 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.

☆ 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.

☆ COP27: Regulators plan closer scrutiny of carbon markets
▼ + stars: | 2022-11-09 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, Nov 9 (Reuters) - Global securities regulators proposed closer scrutiny of carbon trading on Wednesday to deepen liquidity and prevent greenwashing in markets used by companies to offset their emissions to drive the transition to a net-zero economy. The International Organization of Securities Commissions (IOSCO), which groups securities regulators from across the world, made recommendations to improve 'compliance' carbon markets, and asked whether regulators should be more involved in 'voluntary' carbon markets. Compliance refers to regulated markets for trading permits on exchanges like ICE and EEX with the EU emission trading scheme (ETS). The unregulated voluntary market refers to companies buying credits from emission reducing projects like renewable energy or planting trees to offset their own emissions. "Some vulnerabilities in voluntary carbon markets have thus far prevented these markets from scaling to their full potential, while others can be of concern for regulators in their efforts to counter the risk of greenwashing," IOSCO said.

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