Police in the Bahamas, the tax haven that is home to bankrupt cryptocurrency exchange FTX, said on Sunday they were investigating whether criminal activity took place in conjunction with the archipelago’s stock market and financial regulator. .
“In light of the collapse of FTX Global and the temporary liquidation of FTX Digital Markets Ltd, the Financial Crimes Investigation Directorate’s financial detective team is working closely with The Bahamas to investigate any wrongdoing.The Bahamian police said in a statement published on its Facebook page.
The FTX platform filed for Chapter 11 bankruptcy protection on Friday. Its founder, Sam Bankman-Fried, nicknamed “SBF:30, resigned the same day, replaced by John Ray. Company officials revealed on Saturday that unauthorized transactions may have resulted in the disappearance of hundreds of millions of dollars. “FTX wallets have sold over $663 million“, according to an analysis by cryptocurrency analyst firm Elliptic, and, in detail, “$477 million is believed to have been stolen, with the rest transferred to a safe deposit box by FTX“. John Ray assured that FTX is putting everythingis carried out to secure all assets wherever they are“.
FTX’s downfall began with news that revealed its Alameda Research fund was investing in cryptoassets issued by FTX.com in a risky financial package that risks revealing a major conflict of interest. The pullback was then highlighted by its rival, industry No. 1 Binance, which had announced a sale of a cryptocurrency linked to FTX Group, then offered to buy FTX.com on Tuesday before pulling back on Wednesday.
Source: Le Figaro
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