Cryptocurrency

Bahamas Regulator SCB Denies Asking FTX to Mint New Tokens

The Securities Fee of The Bahamas (SCB) has refuted the claims made by FTX debtors that it had instructed the crypto trade to mint tokens value lots of of thousands and thousands.

In an official assertion launched on Jan. 3, the regulator sought to right the fabric misstatements of FTX’s new CEO, John J. Ray III, in a collection of court docket filings that acquired international media protection.

SCB Allegedly Requested SBF to Mint New Tokens

Final month, FTX attorneys made a number of public statements alleging that Bahamian authorities reportedly ordered the trade’s founder, Sam Bankman-Fried (SBF), to concern a brand new cryptocurrency to the tune of $300 million, which native officers would management.

The SCB assertion additionally identified that the Chapter 11 Debtors had debated the worth of seized digital property held by the regulator in November.

Recall that final month, the regulator introduced that it had seized greater than $3.5 billion value of digital property from the trade’s Bahamian arm, FTX Digital Markets, which it was holding with the intent of utilizing them to repay prospects and different collectors.

Nevertheless, FTX rapidly disputed the SCB’s calculations, claiming that its digital property seized had been value simply $296 million and never the $3.5 billion reported by the securities watchdog.

FTX’s Claims Have been Based mostly on “Incomplete Info” 

Within the assertion, the SCB argued that these claims had been based mostly on “incomplete info,” including that the debtors had didn’t do due diligence earlier than making such accusations.

“The Chapter 11 Debtors selected to not make the most of their skill to request info from the Joint Provisional Liquidators pursuant to a court docket order of the Supreme Courtroom of The Bahamas that the Fee obtained in an effort to permit the Chapter 11 Debtors to acquire this info… The US Debtors’ continued lack of diligence when making public statements regarding the Fee is disappointing,” the regulator stated.

The SCB additional expressed considerations that its investigation is being jeopardized by the Chapter 11 Debtors’ insistence on denying the Courtroom Supervised Joint Provisional Liquidators entry to FTX’s AWS System.

The regulator urged Chapter 11 Debtors to proceed with issues bearing the most effective curiosity of FTX prospects and collectors.

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