Bahamas Securities Commission calls FTX CEO John Ray’s allegations inaccurate; says its actions were ‘misinterpreted’

The Securities Commission of The Bahamas (SCB) rejected FTX’s CEO John Ray III’s allegations that it directed unauthorized entree to the embattled exchange’s strategy aft it filed for bankruptcy, according to a Nov. 23 property statement.

Securities Commission of The Bahamas Statement connected Transfer Motion In FTX Digital Markets Chapter 15 Proceedings. https://t.co/CB5f7w1wGT pic.twitter.com/ZMqrbU6vhf

— Securities Commission of The Bahamas (@SCBgov_bs) November 24, 2022

SCB said the FTX CEO had relied connected statements from individuals the speech had declared to beryllium “unreliable” and “potentially earnestly compromised” to marque its “intemperate and inaccurate” allegations.

Defending its position, the regulator said its timely enactment to support customers’ funds has been “misinterpreted.” According to the SCB, it had secured a Nov. 12 tribunal bid that authorized the transportation of FTX’s assets to wallets nether its control.

The regulator added that this timely enactment protected the integer assets nether its power from associated risks similar hacking and compromise.

SCB highlighted that the statements made by FTX proved the contented successful its determination arsenic the speech said, “they person suffered important thefts, that their systems were compromised,
and that they proceed to look caller hacking attempts.”

A Nov. 17 tribunal filing from FTX said it had credible grounds that the Bahamian authorities was liable for directing the unauthorized entree to its systems aft it filed for bankruptcy.

The speech besides alleged that erstwhile CEO Sam Bankman-Fried and CTO Gary Wang were down the Nov. 13 events.

Meanwhile, the Bahamas Supreme Court has ordered the bankrupt crypto speech to indemnify and reimburse the SCB for immoderate expenses incurred portion safekeeping its integer assets.

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