Bahamas police investigating FTX

The police indicated, Sunday, November 13, to investigate to determine if facts of a criminal nature took place, in connection with the stock market and financial regulator of the archipelago.

The police of the Bahamas, tax haven which houses the headquarters of FTXa bankrupt cryptocurrency exchange platform, said on Sunday it was investigating to determine whether facts of a criminal nature had taken place, in conjunction with the stock and financial regulator of the archipelago.

In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd, a team of financial investigators from the Financial Crimes Investigations Directorate are working closely with the Bahamas to investigate any criminal misconductBahamian police said in a statement posted on their Facebook page.

The FTX platform filed for Chapter 11 bankruptcy protection on Friday. Its founder Sam Bankman-Fried, nicknamed “SBF“, 30 years old, had resigned the same day, replaced in stride by John Ray. On Saturday, company officials revealed that unauthorized transactions had taken place that could result in the disappearance of hundreds of millions of dollars. “FTX Wallets Have Been Drained of Over $663 Million“, according to an analysis by cryptocurrency analyst firm Elliptic, and, in detail, “$477 million was allegedly stolen, while the rest was transferred to secure storage by FTX itself“. John Ray had assured that FTX puts everything “implemented to secure all assets, wherever they are“.

FTX’s downfall began with news reports that revealed its Alameda Research fund was investing in cryptoassets issued by in a risky financial package that risked exposing major conflicts of interest. The setbacks were then accentuated by its rival, the number one in the sector, Binance, which had announced the sale of a cryptocurrency linked to the FTX group, then offered on Tuesday to buy, before retracting on Wednesday.

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