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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

Royal Bahamas Police Force – ARRAIGNMENT NOTICE

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The Bahamas, August 27, 2026 – The Royal Bahamas Police Force wishes to inform members of the public that several individuals are scheduled to appear before the Magistrate’s Court on Thursday, 27th August 2026, at 12:00 noon.

The individuals and charges are as follows:

An 18-year-old female is scheduled to be arraigned on the following charges:

Three (3) counts of Murder
Three (3) counts of Attempted Murder
Three (3) counts of Possession of a Firearm with Intent to Endanger Life
Three (3) counts of Possession of an Unlicensed Firearm
Two (2) counts of Possession of Ammunition
Armed Robbery
Abetment to Armed Robbery
Stealing
Receiving

The charges stem from three separate shooting incidents and an armed robbery that occurred on Friday, 21st August 2026, and Saturday, 22nd August 2026.

The first shooting occurred in the area of Soldier Road and Baillou Hill Road, resulting in the death of a 51-year-old male.

The second shooting occurred in the area of Joe Farrington Road, resulting in the death of a 52-year-old male.

The third shooting occurred in the area of Gladstone Road, resulting in the death of a 36-year-old male.

The armed robbery occurred at a business establishment in the area of Carmichael Road and Baillou Hill Road.

A 21-year-old male is scheduled to be arraigned on one charge of:

  • Murder

The charge stems from a shooting incident that occurred on Tuesday, 21st July 2026, in the area of Samson Street, Nassau Village, which resulted in the death of a 28-year-old male.

A 32-year-old male is scheduled to be arraigned on the following charges:

  • Murder
  • Attempted Murder

These charges stem from a shooting incident that occurred on Wednesday, 24th December 2025, in the area of Graham Drive, Yellow Elder, which resulted in the death of a 25-year-old male.

 

RBPF, PACD

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Bahamas News

Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.

Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.

According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.

The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.

Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.

However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.

The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.

PHOTO CREDIT: Bahamas Brass Band

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CBC Supports Opportunities for Young Bahamian Basketball Players

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.

The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive showcase at the Kendal G. L. Isaacs Gymnasium.  Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.

During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.

During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.

CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.

Event organizer, Donald Francois shared his appreciation for CBC’s support.

“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.

Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.

They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.

After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.

“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.

For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.

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