Connect with us

Bahamas News

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

Published

on

By Deandrea Hamilton

Editor

 

#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

Press Statement by Valdez J. Edgecombe (“V.J”) On National Honours Award

Published

on

The Bahamas, 10th July 2025

Thanks to the caring support of my mother, grandmother, family members, and the Bimini Island village, I never went to bed with an empty stomach.

Today, my heart is full to learn that I have been named to the 2025 conferral of awards under the National Honours Act to citizens of The Bahamas.  I am very surprised, deeply humbled, grateful, and by all means honoured to identify as a recipient of the prestigious Order of Lignum Vitae Award.

I commend the Office of The Governor General and, by extension, the government and people of The Bahamas for such a profound recognition.  Through this award, my name will forever be linked with hundreds of great Bahamians who have and continue to contribute tremendously to nation-building.  My heartfelt congratulations to all.

Thank you all so very much for considering me to be placed among so many outstanding giants, in particular my fellow athletes who have and are presently performing on the international stage.

This award has everything to do with my mother’s incredible sacrifice, my siblings, and my family’s belief in me, the Bimini village, and wider Bahamas support base, and the many individuals and institutions abroad who are now regarded as my family.

Never in my wildest dream did I expect to wake up on the 52nd Anniversary of my country’s Independence to find that I am a National Honours recipient.

I have always dreamt big, but only divine intervention could have made it possible for me by way of a National Honours list to be associated with the courageous Pompey Rolle, a slave from Lord Rolle’s Plantation in Steventon, Exuma,The Bahamas, back in 1839, who led a revolt with unmatched bravery to free himself and fellow slaves from despicable human suffering – 77 slaves are noted in this chapter of our nation’s history .

Today, in 2025, without ever drawing any real tangible connection to Pompey’s heroics, I wear jersey number 77 for the Philadelphia 76ers.

What a difference 186 years make.

To God be the Glory.

Continue Reading

Bahamas News

Storm Forces Historic Shift in Bahamas Independence Traditions

Published

on

By Deandrea Hamilton | Editor

 

The Bahamas, July 9, 2025 – For over five decades, the annual Independence celebrations in The Bahamas have been a grand tradition, culminating in a vibrant gathering at Clifford Park in Nassau, where the nation first declared its independence on July 10, 1973.  However, this year, inclement weather has forced an unprecedented change to the celebrations, leaving many to reflect on how nature’s unpredictable power can alter even the most cherished of traditions.

The Office of the Independence Secretariat announced today that, due to severe weather conditions, the traditional in-person festivities would not take place as planned.  Instead, the celebrations will proceed as a televised-only event, ensuring that citizens can still participate from the safety of their homes.  This marks a dramatic departure from the usual spectacle at Clifford Park, where thousands gather each year to watch the raising of the flag and partake in cultural performances.

Tonight’s program will be broadcast live, beginning with the Ecumenical Service at 9:00 p.m. from Bahamas Harvest Church, followed by the Raising of the Flag at 11:20 p.m. at Clifford Park. The Cultural Show, a highlight of the event, has been postponed, with organizers promising a new date following further weather assessments.

The decision, made in consultation with relevant agencies, reflects the committee’s commitment to the safety and well-being of the public. While it is a departure from tradition, the shift to a televised format ensures that the spirit of celebration can still unite the nation, even in the face of adversity. As Bahamians adjust to this new reality, the 52nd Independence anniversary will undoubtedly be remembered as one where the resilience of a nation shone through—both in weathering the storm and in finding new ways to honor its independence.

Continue Reading

Bahamas News

Scotiabank Launches “Ticket to Tokyo” Campaign with Exclusive Client Event at OKU  

Published

on

Nassau, Bahamas – Scotiabank Bahamas officially launched its highly anticipated “Ticket to Tokyo” campaign with an exclusive client celebration at OKU Restaurant, transforming the chic venue into a sleek, Tokyo-themed oasis. Guests, including Scotiabank clients and invited partners, were treated to signature cocktails, curated Asian inspired bites and a vibrant atmosphere designed to mirror the excitement and sophistication of Japan’s capital city.

The event served as a thrilling preview of what one lucky Scotiabank credit cardholder and their guest will experience this fall, an all-expenses paid trip to Tokyo, Japan. The campaign reflects Scotiabank’s continued commitment to creating meaningful and memorable experiences for its clients, extending far beyond traditional banking benefits.

“At Scotiabank, we believe in more than just banking, we believe in delighting our clients with experiences that go beyond the benefits of our products and services,” said Roger Archer, VP & District Head at Scotiabank Bahamas. “Our credit cards are designed to match every lifestyle, with features that reward clients for their everyday purchases in ways that truly matter.”

The “Ticket to Tokyo” promotion, which runs from May 19 through July 7, 2025, is open to legal residents of The Bahamas who are 18 years or older. Eligible participants can enter by spending BSD$350 or more on a Scotiabank credit card, with each qualifying transaction earning one entry into the draw. New cardholders can also participate by activating their card and making a qualifying purchase. There is no limit to the number of entries a cardholder can earn, increasing their chances of winning with each eligible transaction.

The grand prize includes roundtrip airfare to Tokyo for two, five days and four nights of hotel accommodation, ground transportation, USD $1,000 in spending money and a curated experience that may include athletic events and cultural excursions. Travel dates for the trip are set for September 13-23, 2025.

Scotiabank offers a wide selection of credit card products that cater to a variety of needs and preferences. Clients can benefit from no annual fees with the Scotiabank Visa card, earn travel points through the Mastercard Aero or Visa AAdvantage cards, enjoy up to 4% cashback with the Mastercard Gold or accumulate Membership Reward Points through American Express for exclusive perks and lifestyle experiences.

Over the years, Scotiabank has taken its cardholders to some of the world’s most prestigious events and destinations, including Formula 1 races in the US, the NBA Finals in Miami, the Miami Open, FIFA World Cup in Australia, and cultural getaways across Greece, Italy, Paris, Oregon, and Budapest. Clients have also enjoyed exclusive concert experiences, including shows by Taylor Swift and Coldplay.

The “Ticket to Tokyo” campaign is the latest in a long line of once in a lifetime opportunity presented by Scotiabank to thank its clients for their loyalty and continued trust.

“This campaign is an extension of our client-centric approach and our goal to deliver value in unique and exciting ways,” added Archer. “We’re proud to reward our credit card clients with a chance to explore one of the world’s most vibrant cities, where ancient tradition and cutting-edge innovation come together in unforgettable fashion.”

The winner of the campaign will be announced on July 17, 2025. To learn more or to apply for a Scotiabank credit card, interested persons can visit bs.scotiabank.com or stop by any branch location.

Continue Reading

FIND US ON FACEBOOK

TRENDING