Regulator in the Bahamas disputes FTX’s assertion regarding the value of seized cryptocurrency

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The Bahamas Securities Commission has refuted FTX’s assertion that the worth of the cryptocurrencies it took from the defunct cryptocurrency exchange was less than $3.5 billion.

The Bahamian regulator emphasized that the new FTX chief’s “continuing lack of attention when making public pronouncements criticizing the Commission is disturbing.”

On the value of seized cryptocurrency assets, the Bahamas regulator and FTX disagree.

A statement from the Bahamas’ Securities Commission was released on Monday to “address serious misstatements” made by John J.

According to the Bahamian regulator, FTX and Ray “publicly questioned the Commission’s assessments” of the value of the cryptocurrency assets transferred to its digital wallets on November 12 on December 30, 2022.

The Bahamas regulator claimed, “without evidence,” in a court filing on December 12, 2022, that the new FTX CEO misrepresented the Commission, and again under oath on December 13, before the U.S. House Committee on Financial Services.

The regulator explicitly addressed the claim that, while the cryptocurrency exchange was going through bankruptcy, it instructed former FTX CEO Sam Bankman-Fried (SBF) to create “a significant amount of new tokens.”

Bankman-Fried resigned as FTX’s CEO and chief restructuring officer, and Ray was named in his place after the cryptocurrency exchange declared bankruptcy.

The Bahamas’ Securities Commission further disclosed that the new FTX CEO had not replied to its letter from December 7 in which it offered “cooperation with Chapter 11 Debtors.”

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