While most people were preoccupied with the festivities of Thanksgiving, those involved in the cryptocurrency industry were still unable to get a break as the FTX implosion continued to unravel. However, the Bahamian government attempts to defend itself by claiming that it had no part in any of these occurrences and criticizes the attitude taken by FTX’s new CEO, John J. Ray III.
Bahamas Attorney General Ryan Pinder stated that recent statements made in FTX bankruptcy proceedings by Ray were “regrettable” and which misinterpreted the steps taken by the country’s regulators.
According to Pinder, “it is probable that the potential of multimillion dollar legal and consultancy expenses is motivating both the intemperate utterances and their legal approach.” In any event, we strongly recommend exercising caution and being accurate in any future submissions.
The cryptocurrency community, on the other hand, is of the opinion that the speech was too effusive in its praise of the Bahamas and did nothing to ease concerns over FTX.
Because it did not address the issue of user funds being stolen, the crypto community considered the speech to be nothing more than an advertisement for the Bahamas. Pinder expressed his disapproval of Ray’s remarks about the regulator’s desire for illegal access to FTX.
Ray’s claims that the Securities Commission of The Bahamas (SCB) had attempted to get that unlawful access had already been rejected by the SCB, and they also presented a picture of how well it handled the issue. Ray’s assertions were based on the fact that the SCB had attempted to get that unlawful access.
Pinder continued by saying, “We have been amazed at the naivety of some who argue that the reason FTX moved to the Bahamas was because they did not want to expose themselves to regulatory scrutiny. The Bahamas, on the other hand, are not one of the many nations across the globe that do not have any legal or regulatory jurisdiction over the crypto and digital asset market.
Sam Bankman-Fried, the man who founded FTX, was scarcely addressed at all during the duration of the presentation’s twenty minutes. It is arguable that the revelation that Pinder worked for Deltec, the primary bank of Tether and Alameda Research, was the most fascinating detail that emerged from all of this mess.
This further confirms SBF’s ties with political lobbying, and the truth has not yet been revealed; however, the fact that media giants have been whitewashing SBF and his image over the course of the past few weeks without expressing any remorse for FTX users who have lost their assets to scammers is quite telling.
Compiled by Coinbold