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CEO gone after Bahamian-based FTX Digital Markets assets frozen in a multi-billion dollar meltdown

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By Deandrea Hamilton

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#TheBahamas, November 14, 2022 – He is in The Bahamas after there was speculation that the 30-year old crypto currency king who somehow crashed his once lucrative company was suspected of being on the run to South America.  Sam Bankman-Fried said, to Reuters that “nope” he had not left The Bahamas.

Another media report informs the former CEO is also planning an escape to Dubai.

This has information surfaced that Blockchain analytics firm Elliptic believed around $473 million worth of crypto assets were “moved out of FTX wallets in suspicious circumstances … no one is however able to confirm if the assets were stolen.

On Friday morning, social media and global financial reporters swarmed around the fresh kill of a death that could only be described as epic and shocking to those who thought, FTX was solid.  But it was Bankman-Fried himself who admitted he messed up; big time and it led to assets being frozen, a liquidator being appointed, a bankruptcy claim being filed and the 30-year old genius trader being removed as chief executive officer.

With a social media post saying he is sorry and admitting he messed up on calculations, Sam Bankman-Fried is scrambling to find billions of dollars to soothe outraged investors.

“The full story here is one I’m still fleshing out every detail of, but as a very high level, I f**ked up twice.  The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users’ margin. I thought it was way lower,” he tweeted.

The buzz is that he is trying to raise between $4 and $8 billion and The Bahamas is now nursing a black eye just when it claimed the islands would become the Crypto Currency capital as a result of attracting FTX.

Before this billion dollar meltdown, FTX was listed as the second largest crypto currency exchange on the plant. Ground was broken in Nassau, The Bahamas in April 2022.  That soil turning was followed by an epic show of support of the venture by world leaders including Bill Clinton, former US President; Tony Blair, former UK Prime Minister and Bahamas country leaders including Philip Davis, Prime Minister and Ryan Pinder, who is the Attorney General for the islands – all appeared at the first, Crypto-Bahamas Conference held at the Baha Mar resorts.

FTX watched investors rally to get out earlier in the week following an acquisition went bust; the draw down was reportedly $5 billion.

A Binance bail-out flopped when,  Changpeng “CZ” Zhao, its founder announced it would no abandon the deal with FTX; implying the Bahamain-based FTX was in trouble.

“Today, the Securities Commission of The Bahamas took action to freeze assets of FTX Digital Markets and related parties.  The Commission also suspended the registration and applied to the Supreme Court of The Bahamas for the appointment of a provisional liquidator of FTX Digital Markets Ltd, said a press released on Thursday November 10, 2022.

The Securities Commission said its action now stabilizes FTX Digital and preserves its assets.

“The Commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research.  Based on the Commission’s information, any such actions would have been contrary to normal governance, without client consent and potentially unlawful.”

On Friday, FTX filed for Chapter 11 bankruptcy protection for 130 of its affiliates in a US court. The filing allows the now floundering company to also hunt down billions of dollars and satisfy dismayed investors, which Bankman-Fried has vowed he will attempt to do.

Bahamas News

Prime Minister Davis: Cannabis Reform Compendium 2024 ‘a long time coming’

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NASSAU, The Bahamas – Prime Minister and Minister of Finance the Hon. Philip Davis said on July 15, 2024, that he spoke in support of the compendium of Bills to legalise the use of cannabis for medical and religious purposes, to decriminalise the possession of small amounts of cannabis, and to “regulate the cultivation, sale and use of cannabis and related products within our borders and to promote the health and safety of our people.”

“This has been a long time coming,” Prime Minister Davis said, during his Contribution to the Cannabis Reform Compendium 2024 Debate in the House of Assembly.

“For years, Bahamians have called for an administration to have the courage to step up and take this issue on in a decisive and responsible manner,” he added.  “While many other countries, including nations within our region like Jamaica, Trinidad & Tobago, Antigua & Barbuda and Barbados, have taken steps toward decriminalisation and legalisation for medical use, Bahamians were left wondering when it would be our turn to modernise our local approach to cannabis.”

Prime Minister Davis noted that the national dialogue had been ongoing for the better part of a decade.

“Many people thought change was imminent when the Marijuana Commission began its work in October 2018, under the previous administration,” he said.  “These efforts culminated in a preliminary report delivered in January 2020 and a final report delivered in August 2021.”

He added:  “The Commission cited a wide range of in-person discussions and public opinion research, noting that there appeared to be widespread public support for the legalisation of cannabis for medical purposes.  There was also healthy support for decriminalisation and an appetite for a strong regulatory and enforcement framework to ensure high standards for this new industry.”

Prime Minister Davis pointed out that the recommendations of the Commission called for legalisation for medical use, decriminalisation for small amounts, legalisation for use as a religious sacrament for members of the Rastafarian community, as well as strict regulations to ensure the quality and safety of the local cannabis product.

“In the PLP’s Blueprint for Change, we committed to developing a comprehensive regulatory framework for growing, harvesting, and exporting cannabis to create opportunities for Bahamians,” he said.

“The approach we developed to legislating and regulating Cannabis was informed by widespread research and consultation,” Prime Minister Davis added.  “It was partially based on the CARICOM Regional Commission on Marijuana’s research and findings, as well as the approaches of other jurisdictions like Jamaica, Barbados, and Canada, where Cannabis has been legalised and regulated.”

He said that his Government’s goal was to ensure that it developed the most fair, balanced, and effective legislative and regulatory mechanisms, which would allow The Bahamas to reap economic and health benefits while promoting law and order and keeping its people safe through the introduction of stringent standards.

Prime Minister Davis added:  “Once we felt that we had an adequate draft, we released the draft bills publicly, and we held a number of stakeholder consultation sessions, led by the Attorney General’s Office, in which we sat down with major stakeholder groups like healthcare providers, leaders of our church community, advocates for legalisation, leaders of the Rastafarian community – some of whom I see here today, as well as those who had concerns about the impact of legalisation and decriminalisation on the proliferation of usage. These varied opinions were taken into account and adjustments were made to achieve the most practical and effective approach that would work best for the Bahamian people.”

He pointed out that his Government also paid close attention to ongoing research on the issue – the most recent of which, he noted, was a survey conducted nationally by Public Domain in 2023, which indicated that 61% of the population supported the legalisation of cannabis for medical usage.

“It was clear that the times had changed, and it was time for our laws to change as well,” Prime Minister Davis stated.

He continued:  “We’ve been hard at work since 2021. We knew this was not a process we could rush. There was a recognised need for carefulness and due diligence, but there was also a need to ensure that this new legislative and regulatory regime could be introduced and implemented within this term.  We could not simply kick the can down the road for our next term the way other administrations did.  No, we could not delay these changes – not when so many people had waited for years for real action to be taken.

“Today, the wait is over.”

Prime Minister Davis noted that his Government was taking action on behalf of all of the people who simply wanted the ability to legally consume medical cannabis to help them with their medical conditions.

“There are people with children suffering from epilepsy who have been praying for this moment,” he said.  “There are people with glaucoma who want the opportunity to potentially alleviate their condition with a cost-effective and natural treatment.”

Prime Minister Davis added that there were people living with auto-immune conditions, chronic pain, anxiety, depression, and other ailments who were “waiting not-so-patiently for this day.”

“We are taking action for the many men and women living with criminal records for carrying small amounts of cannabis, and the many others who will be spared criminal records as a result of decriminalization,” he said.

Prime Minister Davis stated that, as a society, his Government realised that the old approach taken against Cannabis in the War on Drugs in the 1980s and 90s did not necessarily reflect the current reality.

“Too many livelihoods have been lost because of a joint,” he said.  “Too many lives have been handicapped and potentials lost.”

He added that when he was saying that, it was not his intent to excuse those who choose to break the law.

“After all, the law is the law; it must be respected and upheld,” Prime Minister Davis stated.  “But we also recognise that the law is not static, it is dynamic. And the interpretation of the law and how it serves the greater good of society can change over time.  I am confident that many lives will be changed for the better as a result of the criminal records that will be expunged.”

“Through these reforms, we are upholding the rule of law, making it clear that if you are seeking to supply others with cannabis illegally or engage in other unlicenced and illegal activities, you will be held accountable,” he added.  “Everyone is welcome to participate within the legal and regulatory framework and only within that framework.

“Of course, as a part of this reform process, we are also taking action to recognise the rights and freedoms of Rastafarians to use Cannabis as a sacrament because it should not be against the law for our brothers and sisters of the Rastafarian faith to practice their religion.”

PHOTO CAPTION

Prime Minister and Minister of Finance the Hon. Philip Davis speaks, on July 15, 2024, during his Contribution to the Cannabis Reform Compendium 2024 Debate in the House of Assembly.    (BIS Photos/Ulric Woodside)

 

Release: BIS

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Bahamas News

Bahamas Celebrates 51st Independence – ‘United In Love & Service’

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By LINDSAY THOMPSON
Bahamas Information Services



NASSAU, The Bahamas – The Commonwealth of The Bahamas celebrated 51 years as an independent nation on July 10, 2024.

A Calendar of Events planned and managed by the National Independence Secretariat focused on the theme: ‘One People United In Love & Service,’ an excerpt from the National Pledge.

An Ecumenical Service and Cultural Show was held July 9, 2024 at historic Clifford Park, where the Flag Raising segment stirred emotions from spectators – many of whom were at that same spot when the birth of the nation happened in 1973.

The 51st Independence Anniversary celebrations kicked off with a number of leadup events: beginning with ‘National Flag Day’ on June 28, during which Bahamians throughout the country donned the national colours of aquamarine, gold and black and held brief ceremonies marked by singing of the National Anthem, reciting of the Pledge of Allegiance, and solemn Flag Raising.

The traditional Independence ‘Beat Retreat’ was held in Rawson Square, downtown Nassau, June 30, where a joint uniformed branch band wowed dignitaries and scores of spectators with their skillful drills and upbeat music.  This year, young people were added to the mix and drew thunderous applause as they sang the songs of local artists.

On July 1, a National Time Capsule Packing Day was coordinated, which involved all Family Islands, and New Providence.  Residents gathered historic items unique to their specific communities and placed them in time capsules.  All capsules will be unsealed in 2049 during the country’s Diamond Jubilee independence celebrations.

The week leading up to Independence was filled with activities aimed at bringing people together right where they live — their communities.  It called for Bahamians to focus on heritage, culture, love and commonalities as opposed to differences.

The main event on Tuesday, July 9, at Clifford Park drew many who donned fashionable clothing in the national colours, waved pompoms, blew whistles, and held flashing lights as they experienced from 7:30 pm to 12:00 midnight aspects of the spiritual and cultural Bahamas.

The Ecumenical Service sermon was delivered by Bahamas Christian Council President Bishop Delton Fernander – who called into focus the theme of unity, love and service.  The gospel singing by Bishop Denczil Rolle & Friends added to the worship mood throughout the park and the vicinity of Fort Charlotte.

Following on, the cultural segment showcased folklore dance, performances by artists who evoked crowd excitement, Junkanoo, skits in which young actors dreamed of their future, and interviews with Bahamians who have beaten the odds.

Minutes before midnight, Her Excellency Dame Cynthia Pratt, Governor General, inspected the Honour Guard; members of the clergy gathered around the National Flag as it was being hoisted and offered prayers for various segments of the community; and as the Flag reached the top – the National Anthem was played followed by a burst of fireworks bringing in July 10, 2024 – the 51st Independence Anniversary of the Commonwealth of The Bahamas.

In those early hours, starting at 1:00 a.m. the celebration continued with ‘The People’s Rush’ Junkanoo extravaganza.

On the afternoon of Independence Day, a ‘Family Fun Day’ was held at Clifford Park, where all manner of activities, games, foods, drinks and entertainment were available for families to enjoy.

That evening, a State Reception at Government House, Mt. Fitzwilliam, was hosted by Governor General Dame Cynthia Pratt in celebration of Bahamas Independence.

PHOTO CAPTION
Photos show the 51st. Anniversary of Bahamas Independence Ecumenical Service and Cultural Show celebrations at Clifford Park, July 9-10, 2024.  (BIS Photos/Patrick Hanna)

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Bahamas Development Bank Hosts Financial Talk with Freeport Primary School  

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Freeport, Grand Bahama, 15 July 2024- The Bahamas Development Bank (BDB) recently hosted a group of enthusiastic sixth graders for a session on financial literacy. Over 40 Freeport Primary School students delved into the importance of being goal oriented and the value of savings.

Through engaging activities and discussions, the sixth graders learned about the importance of planning for the future and how disciplined saving can help them achieve their dreams. Beyond this, BDB team members encouraged the students to be their best as they get ready to leave primary school.

Bahamas Development Bank Credit Operations Manager, Brent Deveaux, expressed enthusiasm about the event, stating, “It is crucial for our young people to understand the value of money management early on. By teaching them the principles of saving and goal setting, we are not only empowering them to make sound financial decisions in the future but also contributing to the overall economic well-being of our community. At the Bahamas Development Bank, we are proud to invest in the financial literacy of our youth as part of our commitment to national development.”

Following the interactive session, BDB presented a donation to Freeport Primary School to assist graduating sixth graders with their transition to junior high school.

This Freeport Primary School initiative was part of a broader effort by BDB to celebrate its 50th anniversary with events that engage and benefit the community. The bank believes that financial education is a key component of building a prosperous and financially responsible society. Bahamas Development Bank team members Brent Deveaux, Rachea Mortimer, Rhavanya Carey, and Octovia Green planned and carried out the activity.

 

Photo Caption: The Bahamas Development Bank recently hosted an interactive session designed to provide Freeport Primary School students with practical knowledge about setting financial goals and the benefits of saving money. Standing in center is Freeport Primary School Principal, Gia Walker.

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