FTX: Active Criminal Investigation launched, Bahamas Attorney General affirms

Sahana Kiran
FTX
Source – Unsplash

The entire crypto-verse witnessed the downfall of the FTX empire. Just when the collapse of FTX came to light, the Bahamas was one of the first countries to freeze the exchange’s assets. While several lauded the Bahamas for taking swift action with regard to FTX, a few others like the firm’s new CEO and attorneys were condemning the government. Appearing on Facebook live, the country’s attorney general Ryan Pinder during a national address gave the crypto-verse an update about the probe against FTX.

Pinder pointed out that along with the Securities Commission of the Bahamas [SCB], the country’s Financial Intelligence Unit and the police’s Financial Crimes Unit are expected to investigate the “facts and circumstances” of FTX’s insolvency case.

Further elaborating on its current investigation against the troubled platform, Pinder said,

“We are in the early stages of an active and ongoing investigation. It is a very complex investigation.”

It should be noted that earlier this month, the Royal Bahamas Police revealed that government investigators were trying to look for any possible “criminal misconduct.”

The attorney general went on to praise the SCB for its swift action. The SCB transferred all the frozen assets to a wallet that was in its control. Lauding this move, Pinder added, “the speed of which the Securities Commission was able to move was remarkable by any standard.”

Bahamas Attorney General calls out FTX’s new CEO

While several blamed Sam Bankman-Fried, a few others went on to call out the Bahamas for not overseeing the exchange. The firm’s new CEO was one among them as he suggested that the government ordered “unauthorized” transactions. However, speaking up about the same, the country’s attorney general Pinder dismissed CEO John Ray III’s claims.

Pinder during a national address pointed out that FTX’s new CEO had “misrepresented the timely action taken by the Securities Commission and used inaccurate allegations.” He noted how the CEO’s remarks were rather “intemperate and inaccurate allegations.”

Pinder went on to defend the Bahamas by saying,

“Any attempt to lay the entirety of this debacle at the feet of the Bahamas, because FTX is headquartered here, would be a gross oversimplification of reality.”