Bahamas: New FTX CEO Made Major Misrepresentation, Bahamas Did Not Instruct SBF to Mint Large Numbers of New Tokens

The Bahamas Securities and Exchange Commission issued a statement stating that it must again correct a material misstatement made by US FTX debtor representative John J. Ray III in media and court filings. Of these, on December 30, 2022, Chapter 11 bankruptcy-related debtors publicly challenged the Commission's calculation of digital assets, which were transferred to digital wallets controlled by the Commission on November 12, 2022, to exercise its role as a regulator. powers and acting on the order of the Supreme Court of the Bahamas, this public assertion by the debtor is based on incomplete information. Following a court order by the Supreme Court of the Bahamas seeking information from the Joint Provisional Liquidators, the United States Debtors continued to be disappointed in their lack of care in making public statements about the Committee, reflecting the debtor's current officers since Sam Bankman-Fried ( SBF) commanded them, the arrogance of the truth and the Bahamas. Following John J. Ray III's public statements alleging that the Bahamas directed SBF to mint a large number of new tokens, these statements were filed without evidence in court documents on December 12, 2022, and then in the United States on December 13. The House Financial Services Committee again testified that statements by Bahamian officials instructing FTX employees to mint $300 million in new FTT tokens were widely reported by international media. The process of holding digital assets in the custody or control of relevant institutions. The Chapter 11 Debtors also allege that digital assets controlled by the Commission in trust for the benefit of FTX’s clients and creditors have been stolen, but provide no conclusive basis for such claims, particularly with regard to their assertion of ownership of the assets, according to Court documents filed by the U.S. debtors themselves admitting that the assets are in dispute. John J. Ray III did not contact the Commission once to discuss his concerns before publicly voicing them, and the Commission has still not received the December 22 letter to Mr. Ray offering to cooperate with Chapter 11 debtors, the Commission Very concerned that its investigation (particularly the collection of key supporting evidence) is being hampered by the Chapter 11 debtor's insistence that the court-supervised joint provisional liquidators not be allowed access to FTX's AWS systems. The Bahamas Commission expects Chapter 11 debtors to conduct these matters in good faith and in the best interests of FTX clients and creditors.