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Crypto Exchange FTX’s Collapse Now Being Investigated by Bahamas Police


Bahamian law enforcement officials are taking a closer look at the demise of crypto giant FTX, which is reportedly probing whether any “criminal misconduct occurred” in the midst of a fight Big money exchanges and 6 billion dollar withdrawals led to the bankruptcy of this platform or not.

“In light of the global collapse of FTX and the temporary liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch is working closely with the Securities Commission of the Bahamas. to investigate whether any criminal wrongdoing occurred,” the Royal Bahamas Police said in a statement.

The investigation adds to a US investigation led by the Justice Department and the Securities and Exchange Commission examining the platform’s policies and conduct and Sam Bankman-Fried, CEO and founder of the platform. it.

Once poster boy for emerging virtual markets, Bankman-Fried resigned from FTX on Friday while the platform filed for Chapter 11 bankruptcy and amid a flurry of accusations — including that FTX lost about 1 to $2 billion in customer funds and that idiot transferred $10 billion in customer assets from FTX to his other company, Alameda Research.

According to text messages exchanged with Reuters, Bankman-Fried “disagrees with the characterization of the transfer to Alameda, arguing that it is not a ‘confidential transfer’.”

Instead, the ousted CEO claimed that they had “internally labeled it confusingly and misread it” and replied “???” for a customer’s missing $1 billion question.

The group’s new CEO, John J. Ray III, said in a statement on Saturday that FTX is working with law enforcement and “is making every effort to protect all assets, anywhere.”

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