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

Inspired Abroad, Proudly Bahamian

Published

on

DEAR EDITOR,

Sometimes the best ideas come from experiences far away from home.

It was while I was living in Europe that I saw how excited people were about England’s iconic double-decker buses. It was a symbol of culture – and visitors looked forward to the ride as an experience in itself rather than just a method of transportation.

That sparked a thought: What if we brought that same excitement to The Bahamas, but made it uniquely Bahamian?

In November 2024, that thought became 2 Storeys Tours. I wanted visitors to see Nassau in a way they had not been able to before. That meant they could come straight off a cruise ship and onto a double-decker to see what makes our country what it is – to see our beautiful waters and to discover what makes us Bahamian.

We wanted to create something memorable, something visitors would associate with their Bahamian vacation, just as people associate double-decker buses with England.

The bus may catch your attention, but The Bahamas is what makes the experience unforgettable.

We also believe tourism should create opportunities for Bahamians.

We started less than five years ago with one very used double decker bus.

Now thanks to cruise ship business, we have quadrupled the size of our little fleet. We now have four shiny new red and blue buses, so we can say Welcome Ashore in style.

Depending on the season, between 70 and 80 percent of our business is cruise-passenger driven. Even during the slower season for hotels, the cruise ships arrive filled with people looking to explore historic Nassau and we are giving them the closest to a bird’s eye view as they can get. And they love it.

Turning an idea into a functioning business has been an exciting journey, but certainly not without challenges. From planning and preparation to finally seeing our buses on the road, the experience has taught us patience, perseverance, and the importance of believing in a vision.

We are proud of how far we’ve come, and even more excited about what lies ahead.

Building partnerships helped us to get to where we are today – building them further will take us to where we can reach tomorrow.

Our ambition is to make 2 Storeys Tours a recognised and trusted name in Bahamian tourism. We want to continue improving our tours, developing new experiences, embracing environmentally responsible tourism, and building meaningful relationships – and eventually take the 2 Storeys Tours experience beyond Nassau to other islands.

Above all, we want to build something that lasts.

Looking back, it’s incredible to think that an observation while living in Europe could lead to a business right here at home.

What began as an idea became a business with a purpose, and we’re only getting started.

Our inspiration came from abroad. Our passion comes from home. And our future is proudly Bahamian.

 

By: KEEVON MAYNARD

President, 2 Storeys Tours

Continue Reading

Bahamas News

Federal Investigation into Florida Turnpike Tragedy that Killed Three Children of Bahamian Mother

Published

on

NTSB examining roadside assistance driver’s actions, SUV speed and seat belt use after six people perish in fiery collision

ORLANDO, FLORIDA — October 29, 2026 — Federal investigators have joined the investigation into a horrific Florida Turnpike collision that claimed six lives, including all three children of a Bahamian mother, as questions intensify over what caused the deadly crash.

The United States National Transportation Safety Board (NTSB) has confirmed that it is opening an investigation into the October 23 accident, which occurred around 9:31 p.m. near mile marker 252 in Orange County.

The agency’s involvement brings federal scrutiny to a tragedy that has devastated several families and prompted an extraordinary outpouring of sympathy and disbelief.

Among those killed were siblings Charles Milton, Jakara Milton and Dalvena Green, the three adult children of Marshall Clarke-Milton and her husband, Charles Milton Sr.

The siblings were traveling with three others to Universal Orlando’s Halloween Horror Nights, reportedly on their first trip together.

They never arrived.

FEDERAL INVESTIGATORS EXAMINE WHAT WENT WRONG

The NTSB confirmed to FOX 35 Orlando that its investigation will examine the training and performance of the roadside assistance driver, the actions of the SUV driver, including speed, and whether the occupants were wearing seat belts.

The agency investigates serious transportation accidents to identify safety failures and recommend measures that could prevent similar tragedies.

Its involvement does not establish wrongdoing by either driver.

The Florida Highway Patrol is conducting a separate investigation into the collision.

According to the preliminary police account, a Road Ranger roadside assistance truck had been parked in the highway median before its driver received instructions to assist a disabled box truck on the opposite shoulder.

As the Road Ranger moved across the northbound lanes, it collided with a 2023 Chevrolet Traverse carrying six adults.

Both vehicles left the roadway and caught fire.

All six occupants of the SUV died at the scene. The Road Ranger driver survived with minor injuries.

MOTHER CHALLENGES EARLY ACCOUNT

Witnesses reportedly told investigators that the SUV was traveling at high speed without its headlights illuminated.

However, those observations have not been established as the definitive cause of the collision.

Clarke-Milton has challenged suggestions that her children or their companions were responsible, urging investigators to examine the evidence before reaching conclusions.

She wants investigators to establish the SUV’s actual speed and determine whether its headlights were operating.

The family’s concerns underscore the importance of the continuing investigations, particularly given the movement of the roadside assistance vehicle across active highway lanes.

ALL THREE CHILDREN LOST

For Clarke-Milton, the investigation unfolds against an almost incomprehensible personal tragedy.

She lost all three of her children simultaneously.

In an emotional interview with FOX 35 Orlando, the grieving mother described the terrible feeling that overcame her when she could not reach them.

“My heart sank,” she said, recalling the moment she feared her children were involved.

The siblings were among six people whose lives ended during what should have been an enjoyable evening together.

The other victims included Timothy Williams and Shawn Palmer. A sixth person’s identity had not been publicly confirmed in the latest reports reviewed.

The family’s heartbreak has resonated across The Bahamas and beyond, with expressions of sympathy accompanying calls for answers.

SEARCH FOR ANSWERS CONTINUES

The Florida Highway Patrol has indicated that a crash report is expected within approximately ten days of the accident.

The NTSB’s investigation will examine broader transportation safety concerns, including the operation of roadside assistance vehicles and the circumstances surrounding the collision.

For the grieving families, the findings cannot reverse the tragedy.

But they may establish what happened on that stretch of Florida’s Turnpike and whether anything could have prevented six people from losing their lives.

For one Bahamian mother, the loss is especially devastating.

Three children left for an evening of entertainment. Not one came home.

Continue Reading

Bahamas News

Bahamas Issues Cybersecurity Alert Over Akira Ransomware Threat

Published

on

Nassau, The Bahamas, October 22, 2026 — The National Computer Incident Response Team of The Bahamas (CIRT-BS) has issued a cybersecurity advisory warning businesses, government institutions and other organisations about the growing threat posed by Akira ransomware, a cybercriminal operation capable of stealing sensitive information, disrupting networks and demanding ransom payments.

Active since March 2023, Akira operates through a Ransomware-as-a-Service model, with affiliates exploiting weaknesses in computer networks to gain unauthorised access.

Once inside, attackers can steal confidential data, disable recovery systems and encrypt files, preventing organisations from accessing critical information.

Particularly concerning is Akira’s use of double extortion, threatening to publish stolen information unless victims pay. Some attacks involve data theft without encryption.

The October 22 advisory identifies vulnerabilities involving Cisco and SonicWall firewalls, VPN services, Microsoft Remote Desktop Protocol, Veeam backup systems and outdated Windows and Linux operating systems. VMware ESXi and Nutanix AHV environments are also potential targets.

Attackers may exploit unpatched software, stolen login credentials and inadequately secured remote-access applications, including AnyDesk and RustDesk.

Warning signs include unexpected administrator accounts, unusual remote logins, unauthorised software installations, suspicious backup activity, mass file changes and ransom notes.

CIRT-BS recommends immediate security updates, multifactor authentication, restricted remote access, stronger network monitoring and secure backups maintained separately from operational systems.

Organisations should also remove unnecessary internet exposure of remote desktop services, limit administrative privileges and regularly test backup restoration.

The advisory does not identify any confirmed Akira attack against a Bahamian organisation but highlights vulnerabilities that could expose institutions to serious financial and operational disruption.

Cybersecurity incidents can be reported to CIRT-BS at soc@cirt.bs or through its official website.

Continue Reading

FIND US ON FACEBOOK

TRENDING