SBF allegedly worked with Bahamas government to mint millions of FTX tokens

Lawyers representing FTX successful the bankruptcy process alleged that the authorities of the Bahamas worked intimately with Sam Bankman-Fried to mint millions of tokens, post-FTX collapse, according to Fortune.

Following FTX’s bankruptcy connected Nov. 11, the Securities Commission of Bahamas took power of the assets successful FTX’s custody for “safekeeping.”

FTX’s ineligible squad claimed that the Bahamas authorization worked with SBF to mint FTX tokens worthy millions of dollars, which were transferred to the authorities connected Nov. 12.

The lawyers added that SBF had promised Bahamas Attorney General Ryan Pinder that helium would let section customers to retreat their funds.  As a result, astir 1,500 “Bahamians” reportedly withdrew implicit $100 million, aft the speech filed for bankruptcy.

As per Fortune, lawyers representing FTX successful the U.S., FTX  liquidators, and the Bahamas authorization are contending for power implicit FTX data.

FTX’s ineligible squad claimed that granting entree to the Bahamas authorization mightiness pb to much losses for the bankrupt exchange.

According to the lawyers:

“The past clip these individuals had entree to the Debtors’ systems, they utilized specified entree to transportation assets belonging to the Debtors.”

FTX CEO John Ray had earlier argued the Bahamas authority’s power of the exchange’s assets was authorized and inappropriate.

SBF to look trials successful the U.S.

Earlier connected Dec. 13, the Bahamas authorization arrested SBF astatine the petition of the U.S. government. Expectedly, SBF volition beryllium extradited to look trials successful the U.S.

In addition, the Securities and Exchange Commission (SEC) confirmed it was charging SBF for defrauding investors of up to $1.8 billion.

The station SBF allegedly worked with Bahamas authorities to mint millions of FTX tokens appeared archetypal connected CryptoSlate.