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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

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

What 45 Shell Casings and New Murder Charges May Mean for Three Officers in the Azario Major Case  

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By Deandrea Hamilton | Editor

NASSAU, Bahamas (July 16, 2026) — The allegation is as shocking as it is consequential. Prosecutors now contend Azario Major was struck by additional gunfire after he was already dead.  That conclusion has prompted the Director of Public Prosecutions to upgrade the case against three police officers from manslaughter to murder ahead of a judge-only trial.

According to court filings and the DPP’s review of the forensic evidence, prosecutors allege that additional rounds entered Major’s body after death, a finding they say fundamentally changed their assessment of the case and justified the more serious charge of murder.

Investigators recovered 45 spent shell casings at the scene of the Boxing Day 2021 fatal shooting of Azario Major, a striking piece of forensic evidence that has remained central to the case from its earliest days.

Major, 31, was fatally shot by police outside Woody’s Bar on Fire Trail Road on December 26, 2021. While police initially maintained the shooting was justified, the circumstances surrounding the incident were heavily scrutinized during a Coroner’s Court inquest, where jurors ultimately returned a verdict of homicide by manslaughter.

The officers later challenged that finding, but the Supreme Court upheld the Coroner’s Court ruling, paving the way for criminal proceedings. They were subsequently arraigned on manslaughter charges and pleaded not guilty.

The DPP’s decision to elevate the charges to murder significantly raises the legal stakes. Unlike manslaughter, which does not necessarily require proof of an intent to kill, a murder conviction requires prosecutors to establish the legal elements of the more serious offence beyond a reasonable doubt. The prosecution’s case is now expected to focus heavily on forensic evidence, ballistic analysis and the sequence of gunfire during the fatal encounter.

The case is also notable because it will proceed without a jury. Barring further delays, the trial is expected to open on September 14 before Justice Guillimina Archer-Minns in a judge-alone trial, where a single judge—not a jury—will decide the fate of the three accused officers.

The proceedings will determine not only whether the three officers are guilty or innocent of murder, but whether prosecutors’ extraordinary allegation—that Azario Major was struck by additional gunfire after he was already dead—can be proven in court.

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Bahamas News

CARICOM Targets Affordability as Bahamas, TCI Continue to Feel the Pinch  

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By Deandrea Hamilton

 

Cheaper shipping. Lower energy costs. Better access to healthcare. Stronger consumer protections.

Those are among the measures CARICOM Heads of Government believe could finally begin reducing the stubbornly high cost of living for millions of people across the Caribbean.

Meeting in Saint Lucia, regional leaders agreed that making life more affordable must become one of the Community’s highest priorities. Their emerging strategy includes reducing freight costs through a regional ferry service, accelerating renewable energy projects to lessen dependence on imported fuel, expanding regional healthcare partnerships, strengthening consumer protection, and encouraging governments to adopt successful cost-of-living measures already being implemented across the Caribbean.

“Our discussions over the past four days were guided by one central objective – ensuring that CARICOM delivers results that people can see and feel in their everyday lives,” CARICOM Chairman and Saint Lucia Prime Minister Philip J. Pierre said.

Few places may welcome that relief more than The Bahamas and the Turks and Caicos Islands.

Although inflation has moderated in both countries from the sharp increases experienced following the pandemic, the cost of living remains stubbornly high. Families continue to complain about grocery bills that stretch household budgets, rising housing costs, expensive electricity, healthcare expenses and fuel prices that remain among the highest in the region.

Governments have responded.

In The Bahamas, successive reductions in Value Added Tax on selected goods and other targeted tax measures have sought to ease pressure on consumers. In the Turks and Caicos Islands, the Government this weekend opens applications for its $500 Cost of Living Relief Programme, acknowledging that many households continue to struggle despite the country’s economic success.

Yet affordability remains elusive.

The contradiction is difficult to ignore.

The Turks and Caicos Islands continues to post one of the region’s strongest tourism-driven economies, with robust investment, record visitor spending and sustained construction activity. The Bahamas has also strengthened its economic position, earning improved sovereign credit ratings as tourism, government revenues and fiscal performance continue to recover.

Yet those encouraging economic indicators have not translated into noticeably lower household expenses.

The reason is largely structural.

Both The Bahamas and the Turks and Caicos Islands produce relatively little of what they consume. Food, fuel, medicines, vehicles, building materials and countless household essentials are imported. Both countries also record significant trade deficits, illustrating their dependence on overseas suppliers. Every increase in global shipping costs, fuel prices or supply chain disruptions is eventually reflected in supermarket prices, utility bills and the cost of everyday living.

That is why CARICOM’s agenda matters.

If regional leaders succeed in lowering freight costs through an inter-island ferry network, expanding renewable energy, improving regional cargo movement, strengthening consumer protections and making healthcare more accessible through cooperation, the benefits could extend far beyond government balance sheets.

For Bahamians and Turks and Caicos Islanders, success will not be measured by another tourism record or another credit rating upgrade. It will be measured at the supermarket checkout, on the monthly electricity bill, at the gas pump and in the simple ability to afford a better quality of life.

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Africa

Bahamas’ Ghana Teacher Plan Draws Fire as Both Nations Face Shortages

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By Deandrea Hamilton | Editor

NASSAU, Bahamas (July 14, 2026) — The Bahamas Government says it needs the 300 teachers being sourced from Ghana to help close a critical staffing gap, even as criticism mounts over unresolved employment matters reportedly affecting approximately 2,000 Bahamas Union of Teachers members and as Ghana itself struggles with a massive shortage in the profession.

Deputy Prime Minister and Minister of Education, Science and Technology Chester Cooper said the shortage has been worsened by retirements, expiring contracts and the expansion of specialized subjects, including special education, technology, financial literacy, digital literacy and entrepreneurship.

Cooper said the Government has established a multi-agency task force and is attempting to attract recently retired teachers, new graduates and educators who previously left the profession.

“In keeping with government policy, Bahamians will be given first priority to fill all vacancies,” Cooper said.

However, the optics surrounding the decision are sketchy at best, with the BUT pressing the Government to settle long-standing matters affecting its members while Ghana grapples with a teacher shortage estimated at no fewer than 50,000 educators.

Ghana’s Minister of Education, Haruna Iddrisu, recently disclosed that the country needs between 50,000 and 90,000 additional teachers to adequately staff its schools.

UNICEF’s 2026 Teachers for All: Ghana report confirms that Ghana is not only experiencing an overall teacher shortage but also serious inequalities in how available teachers are distributed. It found that rural and underserved schools are particularly affected, while Ghana’s primary teacher workforce fell by more than 25 percent—from 131,094 in 2019–2020 to 93,818 in 2022–2023—as student enrolment increased.

The report stated:

“Not only is there a teacher shortage in Ghana, but inefficiencies also exist in the current distribution of available teachers.”

That finding raises questions about why a country with such a significant domestic deficit is prepared to facilitate the overseas recruitment of hundreds of educators.

Meanwhile, BUT President Belinda Wilson has argued that the Bahamian Government has substantial unfinished business with the teachers already serving in the public system.

According to Wilson, approximately 2,000 educators are awaiting the conclusion of salary negotiations, while hundreds reportedly have unresolved matters involving confirmations, salary reassessments, promotions, rental allowances, examination marking fees, disturbance allowances, hardship payments and coaching allowances.

The union has also complained that it was not properly consulted before the proposed recruitment became public and has demanded details about the qualifications, subjects, deployment locations and employment conditions being considered for the Ghanaian teachers.

The debate is also unfolding as the University of The Bahamas has produced approximately 219 education graduates over the past three years—76 in 2024, more than 60 in 2025 and 73 in 2026.

Cooper maintains that overseas recruitment is intended only to fill positions that cannot immediately be occupied by qualified Bahamians.

“For decades, we have benefitted from strategic international recruitment of educators from partner nations,” he said. “We emphasize that such recruitment is intended only to address vacancies that cannot be immediately filled by qualified Bahamians.”

Still, the questions remain: why are outstanding matters affecting thousands of Bahamian teachers unresolved, and why is The Bahamas sourcing educators from a country that acknowledges it is tens of thousands of teachers short itself?

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