{"id":509177,"date":"2022-11-18T09:37:16","date_gmt":"2022-11-18T09:37:16","guid":{"rendered":"https:\/\/ktsl888.com\/?p=509177"},"modified":"2024-06-11T07:46:52","modified_gmt":"2024-06-11T07:46:52","slug":"did-the-bahamas-securities-commission-take-control-of-ftxs-assets-they-did","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/did-the-bahamas-securities-commission-take-control-of-ftxs-assets-they-did\/","title":{"rendered":"Did The Bahamas’ Securities Commission Take Control of FTX’s Assets? They Did"},"content":{"rendered":"
The Bahamas struck first and struck hard. Yesterday, there were rumors going around that their government was pressuring Sam Bankman-Fried to give them control of FTX\u2019s assets. What sounded like a bizarre story was more than confirmed today. The Securities Commission of The Bahamas <\/span>released an official document<\/span><\/a> announcing the takeover. Of course, they did it to protect the interests of FTX\u2019s clients. It was urgent.<\/span><\/p>\n The document began:<\/span><\/p>\n \u201cOn 12 November 2022, the Securities Commission of The Bahamas (\u201cthe Commission\u201d), in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. (\u201cFDM\u201d) to a digital wallet controlled by the Commission, for safekeeping. Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM.\u201d\u00a0<\/span><\/p><\/blockquote>\n To accomplish that, The Bahamas completely ignored the bankruptcy procedures opened in the United States. \u201cIt is not the understanding of the Commission that FDM is a party to the US Chapter 11 Bankruptcy proceedings,\u201d the Securities Commission of The Bahamas said bluntly. And then, they took control of the situation. \u201cOver the coming days and weeks, the Commission will engage with other regulators and authorities, in multiple jurisdictions, to address matters affecting the creditors, clients and stakeholders.\u201d<\/span><\/p>\n In case anyone doubts it, The Bahamas clarifies that \u201cthe Commission is responsible for the administration of the Digital Assets and Registered Exchanges Act.\u201d<\/span><\/p>\n <\/p>\n Yesterday,<\/span> The Wall Street Journal reported<\/span><\/a> on FTX\u2019s new management\u2019s concerns with The Bahamas government\u2019s intentions.\u00a0<\/span><\/p>\n \u201cLawyers for FTX\u2019s new management also said in court papers that the government of the Bahamas is disrupting the exchange\u2019s chapter 11 case, filed last week in the U.S. Bankruptcy Court in Delaware. The papers escalate a budding dispute for control of FTX\u2019s insolvency proceedings between its U.S. management and securities regulators in the Bahamas.\u201d<\/span><\/p><\/blockquote>\n At the time, who would\u2019ve thought that The Bahamas was going to move that fast? Maybe we should have because in that same article the WSJ informed us that \u201cThe Securities Commission tapped lawyer Brian Simms KC to oversee the liquidation of FTX\u201d. Plus, \u201ca Bahamian court approved Mr. Simms\u2019s appointment on Thursday\u201d. A few days later, Simms \u201cfiled a chapter 15 petition in U.S.\u201d What is a chapter 15, and what does it imply? Back to the article:<\/span><\/p>\n \u201cThe chapter 15 filing, if successful, could move at least a portion of FTX\u2019s bankruptcy proceedings to courts in the Bahamas. Mr. Simms said Tuesday in a sworn declaration the Supreme Court of the Commonwealth of the Bahamas has sole jurisdiction over FTX Digital and other entities operated from the company\u2019s \u201csubstantial office complex\u201d in Nassau, Bahamas.\u201d<\/span><\/p><\/blockquote>\n Now that the government of The Bahamas apparently took possession of the assets, the U.S doesn\u2019t seem to have a choice but to work with them.<\/span><\/p>\n Is Sam Bankman-Fried working with the government of The Bahamas on this? Among the rumors that circulated yesterday, there was one that said that he was being forced to \u201chack\u201d into FTX and surrender custody of the assets. Plus, Bankman-Fried recently said that filling for Chapter 11 in the US was his biggest mistake so far. Could he be trying to revert the operation with the help of the government of The Bahamas? Something to ponder.<\/span><\/p>\n The Bahamas struck first and struck hard. Yesterday, there were rumors going around that their government was pressuring Sam Bankman-Fried to give them control of FTX\u2019s assets. What sounded like a bizarre story was more than confirmed today. The Securities Commission of The Bahamas released an official document announcing the takeover. Of course, they did it to protect the interests of FTX\u2019s clients. It was urgent. Related Reading: Paolo Ardoino Talks FTX, Adoption And Self-Custody With NewsBTC The document began: \u201cOn 12 November 2022, the Securities Commission of The Bahamas (\u201cthe Commission\u201d), in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. (\u201cFDM\u201d) to a digital wallet controlled by the Commission, for safekeeping. Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM.\u201d\u00a0 To accomplish that, The Bahamas completely ignored the bankruptcy procedures opened in the United States. \u201cIt is not the understanding of the Commission that FDM is a party to the US Chapter 11 Bankruptcy proceedings,\u201d the Securities Commission of The Bahamas said bluntly. And then, they took control of the situation. \u201cOver the coming days and weeks, the Commission will engage with other regulators and authorities, in multiple jurisdictions, to address matters affecting the creditors, clients and stakeholders.\u201d In case anyone doubts it, The Bahamas clarifies that \u201cthe Commission is responsible for the administration of the Digital Assets and Registered Exchanges Act.\u201d FTT price chart for 11\/18\/2022 on FTX | Source: FTT\/USD on TradingView.com FTX\u2019s New Management Warned About The Bahamas Intentions Yesterday, The Wall Street Journal reported on FTX\u2019s new management\u2019s concerns with The Bahamas government\u2019s intentions.\u00a0 \u201cLawyers for FTX\u2019s new management also said in court papers that the government of the Bahamas is disrupting the exchange\u2019s chapter 11 case, filed last week in the U.S. Bankruptcy Court in Delaware. The papers escalate a budding dispute for control of FTX\u2019s insolvency proceedings between its U.S. management and securities regulators in the Bahamas.\u201d At the time, who would\u2019ve thought that The Bahamas was going to move that fast? Maybe we should have because in that same article the WSJ informed us that \u201cThe Securities Commission tapped lawyer Brian Simms KC to oversee the liquidation of FTX\u201d. Plus, \u201ca Bahamian court approved Mr. Simms\u2019s appointment on Thursday\u201d. A few days later, Simms \u201cfiled a chapter 15 petition in U.S.\u201d What is a chapter 15, and what does it imply? Back to the article: \u201cThe chapter 15 filing, if successful, could move at least a portion of FTX\u2019s bankruptcy proceedings to courts in the Bahamas. Mr. Simms said Tuesday in a sworn declaration the Supreme Court of the Commonwealth of the Bahamas has sole jurisdiction over FTX Digital and other entities operated from the company\u2019s \u201csubstantial office complex\u201d in Nassau, Bahamas.\u201d Now that the government of The Bahamas apparently took possession of the assets, the U.S doesn\u2019t seem to have a choice but to work with them. Related Reading: FTX New CEO John Ray Reveals More SBF Scandals In Court Filing Conspiracy Theory Time Is Sam Bankman-Fried working with the government of The Bahamas on this? Among the rumors that circulated yesterday, there was one that said that he was being forced to \u201chack\u201d into FTX and surrender custody of the assets. Plus, Bankman-Fried recently said that filling for Chapter 11 in the US was his biggest mistake so far. Could he be trying to revert the operation with the help of the government of The Bahamas? Something to ponder. Featured Image by Rinald Rolle on Unsplash | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":509178,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85876,83386,3,86998],"tags":[84030,322,87482,87500,86745,87501,71704,87579,83748,87706,87708],"class_list":["post-509177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin","category-crypto","category-news","category-scams-and-fraud","tag-alameda-research","tag-bankruptcy","tag-brian-simms","tag-chapter-11","tag-chapter-11-bankruptcies","tag-chapter-15","tag-ftx","tag-ftx-digital-markets","tag-sam-bankman-fried","tag-the-bahamas","tag-the-securities-commission-of-the-bahamas"],"acf":[],"yoast_head":"\nFTT price chart for 11\/18\/2022 on FTX | Source: FTT\/USD on TradingView.com<\/a><\/pre>\n
FTX\u2019s New Management Warned About The Bahamas Intentions<\/span><\/h2>\n
Conspiracy Theory Time<\/span><\/h2>\n
Featured Image by Rinald Rolle<\/a> on Unsplash<\/a> | Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"