Bahamas AG Defends Its Crypto Savvy in Wake of FTX Crash

The Breakdown


To sum up where we left off, the last non interview show was Saturday November 19th. At that point, we had discussed how the $420 million meme raise went directly into Sam's pockets, how Sam's white collar crime lawyers had fired him as a client, how the SEC, the CFTC, and the DoJ all said their investigating, and how new CEO chief overseeing the restructuring John ray claimed that the bahamian bankruptcy was at odds with the U.S. process and further that given that The Bahamas asked for FTX to transfer some assets to them after the chapter 11 bankruptcy was declared that they might actively be compromised as well. And this gets us to one of the stranger dimensions of this whole conflict, which is the international dimension. On Sunday Night, Ryan pinder, who's The Bahamas attorney general, as well as the senator and the minister for legal affairs, made a national address detailing the nation's view of the FTX collapse. One might hope that he would use this as a chance to denounce the fraudulent practices that the company perpetuated. But, alas. That is not what we saw. Instead, pinder characterized the collapse as a quote insolvency crisis, which has been, quote, experienced around the world in practically every sector. He claimed the case should be properly understood as a quote very large business failure as a result of questionable internal management practices and corporate governance. He viewed the catalyst of the FTX collapse as the exchange suffering a liquidity crunch or a run on the bank. And of course, we've seen this framing in media sources as well. Basically blaming binance CEO CZ for instigating a bank run on a competitor and treating the collapse as a normal corporate failure rather than asking why FTX failed to be able to service customer withdrawals, especially given that their terms of service laid out the customer funds were held on trust rather than used for other purposes. Now, sidebar, this is one of the most important things to be paying attention to right now. As relating this entire situation. It is extremely clear that Sam is trying to turn this story his FTX story into one of managerial and competence rather than fraud and deception. This is to be clear another lie.

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