Bahamas’ Securities Commission lashes out at FTX Chapter 11 debtors’ “misstatements”

By Shanieka Smith

Staff Writer

#TheBahamas, January 11, 2023 – “Once again correct the material misstatements,” Bahamas’ Securities Commission emphasised in a recent statement addressing the new CEO of FTX, John Ray.

Allegations that the Security Commission of Bahamas ordered the seizure of $3.5 billion in digital assets from FTX continue to be published. The Commission has once again made moves to condemn these statements with hopes of preserving the island’s reputation.

In a recently released statement, the commission said the statements were misleading.

“Statements suggesting that Bahamian officials directed FTX employees to mint USD300 million in new FTT tokens were widely reported by the international press.  Such unfounded statements have the impact of promoting mistrust of public institutions in The Bahamas.  The Commission addressed the process by which it took possession of digital assets under the custody or control of FTX Digital Markets Ltd. (“FTXDM”) or its principals, both in a court filing and its statement of 29 December 2022.”

To date, the commission has not received any response to their letter addressed to  Mr. Ray.  The letter seeks to work with the Chapter 11 Debtors to gather the appropriate evidence.

The statement, however, expressed the Commission’s hope that the debtors continue to work in the best interest of FTX customers and creditors.