FTX Tensions Intensify as Bahamas Blasts Firm’s New Chief Ray

(Bloomberg) — The Bahamian authorities blasted the particular person answerable for restructuring crypto trade FTX, the newest salvo in an escalating battle over what stays of Sam Bankman-Fried’s crumbled empire.

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Bahamas Lawyer Basic Ryan Pinder on Sunday stated that latest statements made in US chapter proceedings by John J. Ray III had been “regrettable” and misrepresented actions taken by the nation’s securities watchdog. Ray, a turnaround and restructuring professional, can also be performing as FTX’s chief government officer.

“It’s potential that the prospect of multimillion greenback authorized and marketing consultant charges is driving each their authorized technique and the intemperate statements,” Pinder, who can also be a senator, stated in a video deal with. “In any case, we urge prudence and accuracy in all future filings,” he added.

Tensions have been rising after greater than 100 FTX corporations filed for chapter within the US on Nov. 11. A significant supply of battle has been the Bahamas regulator’s transfer to then seize the digital belongings of the native FTX unit.

Attorneys for the crypto trade have accused Bankman-Fried of undermining reorganization efforts with “incessant and disruptive tweeting.” They’ve additionally raised the suggestion that some FTX belongings had been ordered to be transferred to the Bahamian authorities after the chapter submitting.

FTX’s downfall has rippled throughout the crypto markets and forged a highlight on the Bahamas and its burgeoning crypto business. The island nation has staunchly defended its effort to draw digital-asset companies and insisted that it gained’t cease doing so.

“We don’t apologize for our ambition for Bahamians to be on the forefront of this thrilling modern sector,” Pinder stated. “The Bahamas stands behind its resolution to control digital belongings and associated companies. We stand behind the standard of the rules that exist.”

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