The securities regulator in the Bahamas has unveiled a new piece of draft regulation developed as a response to the collapse of the Bahamas-based crypto exchange FTX. The new bill, titled the Digital Assets and Registered Exchanges (DARE) Bill 2023, is an update to the original DARE Act of 2020. Among other things, it expands…
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The beleaguered crypto exchange FTX will reportedly sell its stake in Web3-focused startup Mysten Labs in an effort to pay back its customers. The new management at FTX is continuing its mission to collect money to return to the victims of the old management’s practices. The bankrupt company said it would sell the stake in…
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Defunct crypto exchange FTX has asked a US bankruptcy judge to protect its property from the liquidators in charge of winding down its Bahamas unit. In a lawsuit filed against the liquidators overseeing the wind-down of its Bahamian affiliate FTX Digital Markets, FTX claimed that they are wrongly claiming ownership of the exchange’s assets, Bloomberg reported,…
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FTX lawyers, joint provisional liquidators of FTX US and the Bahamas and a committee of creditors have all opposed the appointment of an independent examiner. An investigation into FTX’s collapse by an examiner could cost the firm upwards of $100 million without providing any benefit to creditors or equity holders, argues lawyers representing the bankrupt…
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A Washington, D.C., townhome tied to FTX co-founder Sam Bankman-Fried has been listed on the market for roughly $3.28 million. The property was purchased by Bankman-Fried’s brother’s nonprofit, Guarding Against Pandemics, for the same price it is selling for today. FTX Co-Founder’s Luxury Property Suspected to Have Been Used for Wining and Dining Political Elite…
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On Jan. 17, 2023, FTX Trading Ltd. and affiliated debtors updated the public and detailed that the firm’s current administrators have discovered $5.5 billion of liquid assets to date. Top-level executives, including the new FTX CEO and chief restructuring officer, John J. Ray III, met with the bankruptcy case’s committee of unsecured creditors to share…
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The Sand Dollar, a digital version of the Bahamian dollar, is in a tight spot within the island nation following the unprecedented collapse of cryptocurrency exchange FTX. FTX, once the third-largest cryptocurrency exchange in the world with a valuation of $32 billion at its peak, was based in The Bahamas. Therefore, after the exchange filed for…
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The Securities Commission of the Bahamas has disputed FTX’s claim that the value of the cryptocurrencies it seized from the bankrupt crypto exchange was not $3.5 billion. The new FTX chief’s “continued lack of diligence when making public statements concerning the Commission is disappointing,” the Bahamian regulator stressed. Bahamas Regulator and FTX Disagree on the…
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Former FTX Director Pleads Guilty to Charges of Fraud, Money Laundering, and US Campaign Finance Violations
Roughly 11 days ago, it was reported that Nishad Singh, the former director of engineering at FTX, was working with federal prosecutors to arrange a plea deal. On Tuesday, Singh pleaded guilty to criminal charges and stated, “I am unbelievably sorry for my role in all of this.” Singh Cooperating With Authorities in FTX Investigation;…
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