35 Burst results for "The Bahamas"
The Bitboy Crypto Podcast
"the bahamas" Discussed on The Bitboy Crypto Podcast
"We are here in The Bahamas. We are going to make it right. If you give a millionaire, would you keep working? Great job, brother. Good point to make sure I'll be right. What's going on right now is tell where he's trying to figure out. Yeah.
The Dan Bongino Show
Sheriff William Snyder: Illegal Immigration Is High in South Florida
"This has become a national problem though hasn't it I mean you've been in office a while So you have a people like you here you've got a really good kind of sense for the county You've been here a lot longer than most people But if you seen the illegal immigration problem in this county Martin county I know you talked to other sheriffs around the rather large state of Florida as well Has it gotten worse in the state of Florida over the last few years And I say that because I think the obvious answer to the audience is expecting yeah Biden's in charge But what they don't know sheriff is like you said before given our proximity to Cuba we've had a lot of migration from foreign countries both legally and illegally for a very long time So you sense the illegal crisis getting worse It has been closed and right now it's really high We're seeing it you said that Arizona Texas our border states We're only 90 miles from a foreign country which would be The Bahamas and they're coming straight across We don't get near the traffic obviously That doesn't border gas but we are planning and here's the other problem because we're in South Florida that traditionally has been a large legal immigrant board population in various industries The families that are coming across in Texas now are coming here We have a report and video of the federal government unloading a bus of undocumented personnel at a rest day on the turnpike And then they just take a line into the community And they're here And I'll say this real fast If you come in here illegally and can't get a driver's license you can't get a passport You can't open a bank account You can't do anything You live in the shadows And that is a prescription for these people being victimized and they unfortunately sometimes they victimize others
The Dan Bongino Show
Sheriff William Snyder: Immigration Smuggling Through the Bahamas
"I follow you religiously on Facebook to see what's going on in the county not just because I live here but being a former police officer I find your approach to policing to be the good one the right one You found a balance between civil liberties and law enforcement that works well in the county where in here That's why you're always reelected with 99.9% of the vote But what happened with this story Because we live in a portion of Florida that is I mean for all intents and purposes not really close to Miami we're about three hours away So if you were coming from Cuba by water you probably are not going to come all the way up here to Martin county yet we just had an incident here describe what happened and how you responded Sure We don't get the Cuban arrivals like Miami does What we get are people who leave from The Bahamas So what's happened is The Bahamas have become a central receiving place where people throughout the Caribbean basin It has been all the others We go to The Bahamas work get some cash and then pay a smuggler They come straight across They go do east They come right on our beaches here in Jupiter island Stewart of course all of Martin county's coast
Bloomberg Crypto
"the bahamas" Discussed on Bloomberg Crypto
"Katanga, welcome to the podcast. It's so good to be here. I'm kind of happy that you're still talking to me because I feel like the last time I called you, then you were in a place for a very long time. Perhaps unexpectedly. This is one of the downsides of saying yes to the crypto team. Chaotic things happen. What happened exactly? What happened in The Bahamas was essentially a nation's attempt to rebrand itself, not just as this long-standing financial haven that welcomed banks and insurance companies and realtors and all sorts of other institutions, but one that could welcome new entrance to the financial industry with a set of rules. Albeit rules that were still immature that still needed room to grow, but it was an opportunity, right? You have the perfect company that made its way to the shores, as well as the set of regulation that preceded the company's arrival. That company, of course, was FTX, right? And the bohemian government, financial professionals, and the regulatory compliance space. As well as everyday bahamians who, many of whom might have spent some time learning about crypto because they were exposed to it in the United States or others who were just hopeful that maybe this could be the new frontier finance. A lot of people welcome to for different reasons. And what happened was this essentially as people described to me during my 7, almost 8 weeks there. There was a lot of hope put into FTX. It's promises its investments as being a part of the future and then realistically sort of a reckoning with realizing that, oh, the right checks and balances to make sure that this company could thrive and could be successful, essentially we're not. We're not quite there. Why was it so important to The Bahamas to try to attract companies like FTX in the first place? There is this long-standing understanding of The Bahamas being a financial Paradise. And I think over time over the last perhaps we can say from the last financial crisis and the ways in which they may or may not have been tied up with companies that were headquartered there, the country was trying to change its reputation to become a more stringent financial haven if you will, or more like tax friendly rather than just being a tax haven, if you will. That subtle change meant that the regulations that the deer act is assets and regulated entities act. Regulated exchanges act rather. That act was meant to be this sort of premier unveiling of how they were over the past decade, serious about changing its reputation in the marketplace. As well as a race to the finish, larger industrialized nations like the U.S., of course, hadn't quite come to a consensus about whether there was a need for regulations entirely, and of course other nations were also attempting to ready their own regulations and I think The Bahamas caught wind of that and thought, we're going to be first. And was successful in that regard. As you say, you mentioned the dare act, right? The digital assets and registered exchanges. When was that introduced and what was it designed to really achieve? The Dirac was introduced in 2020 and essentially it was designed to be just a bare bones framework to show that The Bahamas was willing to welcome what would be an exchange, a dialog between registered digital asset providers and crypto companies in thinking through like, so here are the regulations. In response to this, how do you crypto company XYZ plan to help enhance this suite of regulations and show that with regulations you can do what's right essentially. That you can be innovative and you can make commitments and carry on carry on in that way. And we had an opportunity to speak to the chair of the security commission of The Bahamas Christina rule, who described it as robust, but essentially it was still very much immature, that is to say, it needed room to grow and that's only possible when faced with certain risks. The Dirac, though she made clear and others came well before FTX started to court The Bahamas and it really was a way for the country to sort of race to the finish in trying to beat out its counterparts in the region. But essentially it was it was meant to be a suite of regulations that would over time with the regulators sort of inspections and examinations of the companies that would fall under it, help improve it, help to make it better. In fact, there was already a preparation this year that started, I guess, last year to sort of enhance it. There's a draft. There's a mock up of an amendment to it. And that was with the country pointed to as showing that it was already starting to take into account not just FTX, but other, I think they were at the time, maybe 8th or register. That number, of course, fluctuates depending on a company's standing. But they were hoping to make it better and make it robust. But they made it clear that it was the welcoming post, but it would only be fortified over time. When you were there, and talking to folks who had either known back when freed, no other folks met yet, or had been affected by the collapse because they had local employees, for instance. What was the sentiment of the people who were trying to figure out what had happened? When the companies said that they had gotten approval to allow withdrawals for clients in The Bahamas, that approval they described was really an exchange between the regulator and the company and I think bankman fried sent the email on behalf of the company to save it. If you do not respond to this request and this would have been the Thursday before the major withdrawals, if you will, or into the midnight of Friday morning, that Friday morning. November 12th if I'm not mistaken. This exchange just said that if you don't respond to this note, then we will carry on with this plan to allow clients in The Bahamas to withdraw because we don't want to. And I think the language was spoke to the fact that the sentiment was we don't want to piss off the bahamian government or in any way ruin the relationship we have with our clients and the people here. But that was in a direct nod by the regulator to be fair of them saying yes, you can allow that. But the understanding, I think, at the time, though, before this was made public, was that is bankman freeing cahoots with the behemoth government or with the regulator or both, did clients in The Bahamas get special privileges that clients all around the country, part of me all around the United States all around certain parts of Asia and elsewhere didn't get. And if so, why is that? We now know what that exchange looked like, but at the time it was a point of contention. There were reports of people flying in on private jets, trying to bribe those clients in The Bahamas to help other clients, these global clients sort of like offload or withdraw their funds. They were even discussions about whether certain banks were involved in allowing that during that particular window, but I think that confusion that lack of clarity, particularly around those withdrawals, is still a sore point for a lot of people who feel as if they were shortchanged, even if we take what explanations might have been Frida's given around the decision making about mismanaging funds, people still, that particular window of time is still a sore point for a lot of people on the ground. Up next, you'll hear more from Bloomberg reporter katanga Johnson on what's happening with The Bahamas, post FTX. We'll be right back. We don't just break news. We build perspective. Bloomberg publishes over 5000 data driven stories a day across multiple platforms, so you can gain insight
The Breakdown
FTX Ex-Engineering Chief Pleads Guilty to Criminal Charges
"Yesterday the news tightened around sand bagman freed even further as yet another of FTX most senior execs turned against him. Former head of engineering at FTX nishad Singh pled guilty to criminal fraud charges and agreed to assist prosecutors in their case against SPF. As part of his agreement, single plead guilty to one count of wire fraud, three counts of conspiracy to commit fraud, what count of conspiracy to commit money laundering, and one count of conspiracy to defraud the United States by violating campaign finance laws for a total of 6 counts. Now in separate civil actions, singers agree not to contest fraud complaints from the SEC and the CFTC. The SEC will be asking for a ban on sing asking as a corporate officer or director, which will be subject to court approval. This is in line with previous plea agreements from other FTX co-conspirators, Carolyn Ellison, and Gary Wong. In a statement sings lawyers said quote, shot is deeply sorry for his role in this and is accepted responsibility for his actions. He wants to do everything he can to make things right for victims, including by assisting the government to the best of his ability in this case. Now, nashad turning on Sam has seemed kind of like a foregone conclusion. Ever since we got that conversation that Sam had with the vox reporter that he thought was off the record where he said that nashad felt really terrible really genuinely terrible about all this, whereas Sam kind of made clear that he didn't. Now Singh was released on a $250,000 bond to await sentencing and his was so much lower than Sam's bond because as prosecutors said, Singh had traveled back from The Bahamas voluntarily in November shortly after the collapse in part to assist with Justice Department investigations.
Mark Levin
John Kerry's Fight Against Climate Takes Him to Island Resort
"Is John Kerry's taxpayer funded fight against the climate crisis takes him to 5 star island resort Writes Colin Anderson At the free Beacon John Kerry's fight against the climate crisis so called has taken the jet setting Biden administration official yet another luxurious location A 5 star island resort in The Bahamas Kerry served as President Biden's climate Tsar He likes that too Hello Tsar Since January 2021 is on the Caribbean island for three days this week to quote advance international cooperation among nations Particularly vulnerable to the climate crisis The State Department announced including in his itinerary was an opulent opening ceremony held at the Atlantis Paradise island at cost of fortune It's beautiful A lush 5 star resort that boasts 14 swimming pools 14 lagoons dozens of luxury restaurants A yacht Marina a private golf course a world class casino with more than 700 slot machines At least three nightclubs and a movie theater Bahamian prime minister Philip Davis during a Wednesday night speech Thank Kerry for attending the ceremony a line that was met with muffled applause Thanks She's here Jackass
Forkast
Sam BankmanFrieds family members are not cooperating with FTX attorneys, court documents claim
"2 p.m. Friday, January 27th, 2023 Sam bankman fried's family members are not cooperating with FTX attorneys, court documents claim Sam bankman fried's mother and brother are not cooperating with the FTX legal team's investigations into The Bahamas based exchanges bankruptcy and misappropriation of customer funds
Coin Edition
ExFTX US President Brett Harrison Denies Involvement in Scandal
"12 p.m. Sunday January 15th, 2023. XF TX U.S. president Bret Harrison denies involvement in scandal. Former FTX U.S. president, Brett Harrison, has debunked rumors linking him with the alleged fraud executed by Sam bankman fried SPF and his team at FTX. According to Harrison, the scheme was run by SPF and a few members of an inner caucus who were based in The Bahamas. It is an initiative that started long the post xfx U.S. president Brett Harrison denies involvement in scandal appeared first on coin edition
The Crypto Overnighter
"the bahamas" Discussed on The Crypto Overnighter
"In the meantime, The Bahamas financial regulator called FTX new management, cavalier, and they definitely disagreed with statements made by what's left of the exchange. On Monday, the securities commission of The Bahamas has released a statement trying to correct statements that they said were false. Now they're talking about statements made by FTX new CEO, John J ray the third. The SCB and FTX disagree about the value of assets that the securities commission have held ever since FTX filed for bankruptcy last month. Bahamian authorities say that the assets are worth $3.5 billion. But that is based on their value when they were seized. Their current value is probably lower. However, FTX disputes this and says that the assets were only worth 296 million with The Bahamas took control. In a court filing for the FTX bankruptcy case, new management said that the SCB and other bahamian authorities had not provided any information or an accounting of diverted assets and has been stonewalling them. On Tuesday, the SCB responded, saying FTX statement was based on incomplete information. They say that the debtors had not requested information from the joint provisional liquidators handling the bankruptcy process. The SCB did say that the U.S. debtors lack of care when making public statements about the SCB, as well as their cavalier attitude towards the truth and towards The Bahamas was disappointing. They say this behavior has been displayed by the current officers of the chapter 11 debtors, since their appointment by Sam beckman free. And the release also criticized John Jay bray the third. They said that ray has not contacted them to discuss his concerns before discussing them publicly, and that they had not received a response to their December 7th, 2022 letter, offering to cooperate with the chapter 11 debtors. The assets controlled by the SCB have been a source of conflict between the regulators and new leadership after the bankruptcy. In this latest statement, the SCB addressed the debtor's claim that the funds were stolen and denied the unfounded claim that it told FTX employees to create $300 million in new FTA tokens. The SCB said that they secured a court order to protect the assets because they were concerned about cyberattacks on FTX and mid November. In a December 29th statement, the SCB said that while some token protocols may require the destruction of old tokens and the creation of new replacement tokens to transfer them, they said that no additional tokens were created in this process. And so it came to pass that they released a statement on January 3rd, saying that they had to correct the false statements made by John J ray the third in press and court filings. This statement said that the chapter 11 debtors had publicly disputed the SCB's calculations of digital assets transferred to digital wallets under the SCB's control back in November.
Coin Journal
Report 300m of FTX debtors transferred without authorization
"8 a.m. Saturday, December 31st, 2022. Report 300 M of FTX debtors transferred without authorization this cryptocurrency is currently held in a single digital wallet at fire blocks, The Bahamas commission instructed Sam bankman fried to transfer the funds to this wallet FTX debtors FTX trading limited and affiliates published information on their cryptocurrency in the control of The Bahamas commission securities commission of The Bahamas. After the chapter 11 bankruptcy case the post report 300 M of FTX debtors transferred without authorization appeared first on coin journal
CoinDesk Podcast Network
Sam Bankman-Fried Under House Arrest
"We thought that Sam bankman fried was going for extradition to get out on bail and it seems like that has come true. Yeah, work. It sounded nice. I think there was a lot of misinformation out there on Twitter yesterday. It's not like sandbagging freed walked up and plunked $250 million on the table and said, okay, cool, I'm done. What happened here, which is pretty crazy if you look into it, this is a personal recognizance bond where Sam beckman fried's parents put up the collateral in their Bay Area home, rumored to be about worth $4 million. But that was the only collateral that was posted. Basically what happens is he has to say on the solemnly swears that, hey, if I skip town, I owe you guys $250 million, and these other folks are going to be on the hook. I'll pick it up from there. I think there's some interesting CNBC reporting as well. Regarding this whole situation, which caused a little bit of confusion, according to CNBC, which I believe posted this report first. Saying that the house was indeed on the list for collateral, but there's other collateral as well, including some people who assigned up saying that they would be willing to put funds on the line. The question was, are those people in was that reporting accurate? So I think a lot of people are confused by that. Some other takes, which Zach was just mentioning there was that people thought Sammy from free was now free to go. But that's not exactly how bail or bonds work at all. Danny, I want to get your take on this story, however, since it is a pretty interesting development. I mean, he got out of Bahamas. He wasn't allowed bailed in Bahamas. But he got out of it, now he's in the U.S. and he can go back to California and live out of his parents basement.
Unchained
Martin Shkreli Comments on Sam Bankman-Fried's Upcoming Trial
"Today's guest is Martin shkreli, entrepreneur and investor. Welcome Martin. Hey, thanks for having me. You're a former hedge fund manager and pharmaceutical executive, and you are also one of the most famous white collar criminals of recent times. You are convicted of securities fraud and sentenced to 7 years in prison. And after being released earlier this year, you took not only an interest in crypto, but it also seems the case of FTX. And as we speak, former CEO of sampling is in the process of being extradited from The Bahamas to the U.S. and two of his associates, Caroline Ellison, the former Alameda CEO, and Gary Wang, FTX is CTO, have pleaded guilty to fraud. Given your experience with the justice system as a white collar criminal, which is pretty much the situation, all of these people are facing. I was wondering, what do you think is going through Sam's head right now? Sure. I have lots to say about this. I just wanted to start by saying though that I while I respect the legal outcome in my case, I was found guilty at trial. I certainly went to trial as a not guilty plea. I was found not guilty of several of my charges. I was found guilty of three, not guilty of 5. I still maintain my innocence. So I certainly respect the courts. I am technically a convicted felon and a white collar criminal, but I still dispute those charges and still proclaim my answers just so you just to air that out for a second. Sam's going through a lot. This is the hardest, the people I've talked to, this is the hardest thing you'll ever have to go through in life. It's extremely difficult emotionally to know that your life is in the hands of one person. And that person is in this case judge Ronnie Abrams, Sam's judge. And what you've learned as a criminal defendant in that state of uncertainty is that you have very, very little control over the things you're going to be doing over the next several years throughout the process of the system, but quite possibly after that as well as you serve your son. But the next, it's funny because you think the long sentence is the hard part. Honestly, I think that was the easy part for me and I could say being in a similar situation to Sam sort of it's much easier than the trial prosecution part, which is really, really, really harrowing. It's really difficult. It's fraught with a lot of emotional baggage and difficulty. You feel frustrated, you feel angry, you feel in denial, you have to go through acceptance, you have to go through a little bit of grief. You know, it's really, it hit me the hardest when I saw my mother in, and it's funny, like you don't process it until certain moments. And for me, the moment was seeing my mother in the galley, I guess it's called when my satin Swiss given. And I said, gee, I really messed up.
CoinDesk Podcast Network
Caroline Ellison, Gary Wang Plead Guilty to 'Fraud' Charges
"Welcome to the hash on coin desk TV. I'm Zach seward. That's Jensen assy. Will foxley over there. We're going to get you up to speed on all that's going on in the world of crypto, including some major developments in the case against Sam bankman fried Jen, take us there, what's going on? All right, so former Alameda research CEO Caroline Ellison and FTX cofounder Gary Wang have both pled guilty to charges associated with FTX collapse. The SEC and CFTC have also announced charges against the two saying that Allison manipulated the price of the FTT token, U.S. attorney Damian Williams says both are cooperating with investigators, former FTX CEO Sam bankman fried was charged with 8 crimes earlier this month. We've discussed those at length. They include money laundering, wire fraud and securities fraud. He is being extradited from The Bahamas to the U.S. and is in FBI custody. Zach, a lot to unpack here. What do you got? So much to unpack. Kids, if you're ever in a criminal conspiracy involving $10 billion that are vaporized, especially from customers, snitches fast as possible. That's the story here. Everyone associated with FTX and Alameda turned snitch on sandbank and freed. And they're probably going to have a much more comfortable life because of it all their former colleague rots in a prison cell somewhere for a long time. That for me is the takeaway looking at some of this stuff. It's pretty wild. Bank and freed was flown in from Bahamas into the New York area last night. A lot of people were closely watching flight trackers on the Internet to see where he was headed. Apparently he's touched down over in Westchester and is making his first appearance in New York in court today for a presentment that initiates the legal proceedings here in the U.S. after some complicated back and forth over whether or not he was going to make his way over here from The Bahamas. So that's what people are watching. I know coin disc has a reporter on the ground at the courthouse in the southern district of New York. So we're going to watch it, watch that for updates later today. And yeah, I don't know. Caroline and the cofounder, they may have found themselves a pretty sweet deal. I don't know, what do you think? Yeah, I think they found themselves a really good deal, right? But if you look at the charges, they possibly were going to have just think it was like 250 years for Caroline. And it was about 50 years for Gary if they were just charged for what they're doing in the first place. I went to the different administrations, the DoJ, and they're getting off the hook more or less. So Caroline Ellison is looking at getting some fine slapped on her disgorgement for any ill gotten gains and then also she's not going to be able to trade anything on behalf of other people
Bloomberg Crypto
"the bahamas" Discussed on Bloomberg Crypto
"You could have found it cheaper one is like a rounding error. And you know, frankly, I almost sort of believed it at first in this company was worth $30 billion overnight. It was like, all right, so he wants to have Larry David in the ad. I guess he can afford it. But now it all looks very different when this is like customer money that was allegedly wasted. Yeah, and I'll throw it out there too that before going to Bahamas. I was in Miami and it was interesting because those were, you know, they're crypto Hobbs, but the vibe was very different. I mean, Miami is a really, really, really big city, and it seemed like while FDX had a U.S. headquarters that was supposed to be moving there from Chicago, the footprint on that city wasn't as big among people who were in the crypto community. And while there are other crypto companies that have set their sights or their eyes on Bahamas or have at least some people there, I mean, talking to people was just very different. FTX really touted itself as for one reason or another a bahamian company and like Zeke said they hired people who were on the island not only to work with local businesses, but also to hire people to do work with the crypto exchange itself. And so I did talk to a few people who worked in the crypto scenes, you know, some who were not from Bahamas, some who were from Bahamas, and across the board, it sounded like people were saying, this does set us back. It also sets us back with regards to Bahamas as a crypto hub. Can I defend The Bahamas for a minute? Yeah, no. Look, clearly, they're oversight was lacking, but the U.S. just filed all these charges, right? Once it collapsed, they found enough evidence to charge big men freed with all this illegal activity. There was nothing stopping them from fighting this stuff out earlier and they didn't either. So I don't think the blame is entirely on The Bahamas for failing to regulate this exchange. Well, I think one of the things that's definitely happening is a heroic amount of finger pointing right now. Reading some of these filings and the statements from various regulators is I wouldn't say it's quite the level of drama as a soap opera unless you are perhaps a person who works at Bloomberg and thinks about things this way. But you have these very feisty statements coming out from The Bahamas Securities and Exchange Commission essentially saying John J ra the third is ignoring our emails and misrepresenting everything that we're saying and then you have in court filings from various other folks people being like, we would like to assert that we have all the rights over this thing and we're not sure why and how The Bahamas feels like they need to get involved. So it's this sort of sovereign face off as it were. And I think one piece of context here is this is not the first time that something like this has happened. Like multiple different Caribbean jurisdictions, The Bahamas, Bermuda, Antigua, that have at various points presented themselves as offshore financial centers, have often had to reckon with wreckage when things go wrong. And I think we're seeing a version of this playing out in crypto. Zeke as a person who's chronicled lots of financial weirdness over time, where do you think this is going to go from here? Oh, they were quick to file the charges because it was such a high profile case, but these things take years to play out. So, I mean, the authorities have basically said they're looking at other people, they'll be more people charged. But I think we're only just now was the theranos case resolved and when did that break? So I think we're going to be hearing about this for years. And I doubt this is the last company to blow up in crypto, although how many companies are left? More on that when future episodes of the podcast. Thank you, Carly, and thank you Zeke for joining us today. Thanks a lot. Thank you. You can find more of their reporting on the Bloomberg terminal and on Bloomberg dot com. And be sure to check out our twice weekly newsletter, which is also called. Bloomberg crypto. This is Bloomberg crypto, a daily podcast from Bloomberg and iHeartRadio. For more shows from iHeartRadio, visit the iHeartRadio app, Apple podcasts, or wherever you get your podcasts. Send us your comments, questions or suggestions for the show to crypto at Bloomberg dot net.
Bloomberg Crypto
"the bahamas" Discussed on Bloomberg Crypto
"Seemed like it was probably one of the more modest rooms in the apartment. And that's where we mainly talked. And at this point he hadn't done like 8 million interviews. So it was more novel for me to hear some of his explanations about what happened. What was your immediate takeaway coming out of that conversation? Was this someone who seemed contrite was this someone who seemed confused? Like, what was the vibe? So I really had no idea what to expect. I was struck by how similar he seemed to the first time I met him. The way that he talked to his mood seemed like he was kind of chipper. He seemed kind of happy to talk about all this stuff. It was hard to sort of interpret why he was like that. But I would ask anything and he'd just give these really long answers. He liked to get into technical stuff about the value of the different weird tokens that were on Alameda's balance sheet or FTX accounting system. But as I was thinking over what he was saying, it was just a lot of it was not, was not very plausible. It would take huge leaps of faith to believe some of this stuff and it didn't seem like given that the exchange had just collapsed and people were reporting that it was probably a massive fraud. It didn't seem like his story just seemed incredibly unlikely. Carly, you also went to the palmers and I should say, I sent you to the farmers or email and he was like, hey, can you get on a play and immediately after Thanksgiving? Thank you very much. And when you went there, you also encountered some of those incredibly fit older people in linen. At the compound and on the island, what were your experiences? I didn't get up to the penthouse. I did, however, walk around the grounds. I would say similarly, I mean it was insane. There were like multi tiered yachts in the Marina, really quiet, like weirdly quiet, and the beach was luckily happened to get there right before sunset, and I just kind of watched it. That is the nicest sunset, most beautiful beach. I've ever seen and it really was just incredibly pristine, despite the fact that I believe there was a golf tournament or classic going on that weekend, no no traces of that where I was. You also went to the margaritaville. Yes. Why? So, interestingly, dunsky Carter's for FTX are still private. That's yet to be released in court documents. However, the unsecured creditors for Alameda have been released and it's outside of insiders. And one of the biggest ones is the margaritaville in The Bahamas. They owe them over $50,000. So that bodes the question of, wow. What happened there? How do you spend $50,000 at a margaritaville? Right, right. Yeah, and why the margaritaville, what was it? I love the margaritaville, but still super weird. And the market is in a bar as a restaurant is a recession. Yeah, I forget not everybody's familiar with margarita bell. Margaritaville, I mean, it has a restaurant. You can go to various restaurants. There is a restaurant in Bahamas, but there is also a resort. The resort as I learned when I called the restaurant and they said that I needed to call the resort, the restaurant is not affiliated with the resort, they're separate. So it was in fact that Alameda owed the money to the resort. So went to the resort managers declined to comment the staff, however, who worked there were very forthcoming. They had interacted with and seen the FTX people and they said that people affiliated with FDX had been staying at the margaritaville for several months. It was different people. They would filter in and out staying for weeks or months at a time, depending on who you were and they had about 20 rooms. There's the margaritaville resort, but there's also across the road. There's a nicer resort that if you know Jimmy Buffett, which this is a Jimmy Buffett themed resort, it's a pun, it's called one particular harbor. Yeah, so the people affiliated with FTX were staying there and every day on workdays, a shuttle would come, pick them up in the morning, and then drop them back off at the end of the day, you know, late afternoon, early evening, staff said that they were, they were kind, they were friendly, that, you know, they would hang around the pool and the restaurants. Right. Up next, more on some back when freed and what he left behind in The Bahamas with my colleagues, Zeke Fox and Carly wanna. If you own a business, this has been a bumpy ride from pandemic to inflation. You could probably use a break. If your business has 5 or more employees and manage to survive COVID, you could be eligible to receive a payroll tax rebate of up to $26,000 per employee. This isn't alone. There's no payback. It's a refund of your taxes. 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Yep, can you afford to spend months finding that talent the old fashioned way? Nope. Can you hire them in seconds on upwork? Yep, is it complicated? Nope. Can you have them as long as you need? Yep, longer than you need? No. Is upwork a newer better way to work? Yep. Is this commercial over? Nope. What about now? Yep. Upward. This is how we work now. What was it like for the bohemians? Like, did you talk to when you were there? Any of the other folks in The Bahamas crypto scene, any folks from the government, the regulators who are now being confronted with questions about how they let all this go down allegedly on their watch. I had an interesting conversation with a employee of FTX who was hired locally and he had been in charge. He was sort of like a Gopher and a driver for them, so he'd been around these people all the time. And he told me like, listen, these reports that these people were going crazy are not true. You said something to the effect of like, bro these were a bunch of nerds. Like, come on. And I asked Sam about some of his spending back on my first interview in February. Maybe it's too charitable to still believe this, but it seemed like what he was saying was like, listen, we're going to make so many billions that this little amount of spending on naming rights or say putting employees up in a hotel when
Bloomberg Crypto
"the bahamas" Discussed on Bloomberg Crypto
"Some banking freed might not have expected that his time in The Bahamas would include the inside of a jail cell. Bankman fried and his inner circle at FTX and Alameda research relocated operations to The Bahamas from Hong Kong in late 2021. The Bahamas based employees and executives seem to enjoy what looked like a lavish island lifestyle. Think yachts and penthouses with ocean views. But how much of that lifestyle was funded improperly? Is that the center of allegations and charges filed by everyone from the U.S. Department of Justice to the Securities and Exchange Commission to the CFTC. Though Department of Justice alleges that among other things, SPF misappropriated customer deposits, and there's a brewing fight between officials in the U.S. and local regulators in The Bahamas over just who is in charge of what? For more on how things shook out in The Bahamas in this unfolding story, were joined by Bloomberg reporters, Zeke Fox. You know, when this company was worth $30 billion overnight, it was like, all right, so he wants to have Larry David in the ad. I guess he could afford it. But now it all looks very different when this is like customer money that was allegedly wasted. And Carly wanna. I did talk to a few people who worked in the crypto scenes, you know, some who were not from Bahamas, some who were from Bahamas, and across the board, it sounded like people were saying, this does set us back. It also sets us back with regards to Bahamas as a crypto hub. Hello to both of you, and thank you so much for taking the time. Thanks a lot. Thank you. Zeke, why don't I start with you? You have one of the, I think, more interesting gigs at Bloomberg. What is it that you do? I am mostly writing stories for our magazines, Bloomberg businessweek, and Bloomberg markets, and I try and write about crazy things happening in the world of finance, whatever they are. There's been a lot of that. We'll talk about one in particular, very shortly. Now, Zeke, as a person who gets to write about those things, you know, you sort of get to look and be like, oh, that seems wild. I'm going to check that out. What prompted you to write one of the first major profiles of Sam bankman fried? Yeah, I had sort of stopped paying attention to crypto for a while until I went to a conference last year where I met bankman freed. He had just announced that he was renaming he was paying for the naming rights to the Miami heats arena. And he was at this conference in Miami to celebrate. And it was almost like it was kind of like too crazy to be true. There was like this 28 29 year old guy who seemingly came out of nowhere and credit to Forbes which had put him on their billionaires list and written a story about him and said that he was worth more than $20 billion. And apparently he was like this great trader who had a crypto hedge fund and then he'd start in exchange, which became really popular overnight. And the part that really struck me was he said that when he was a teenager, he had decided, I really want to do good for the world. What's the best way? And he had fallen in with this group called effective altruists. Who had convinced him that for someone with his math skills, volunteering for like an animal rights charity, something he'd done in the past was actually not a good use of his time. And that the better thing to do would be to make a lot of money and give it away. And so like, when he was in college, she was like, all right, my plan is I'm going to make a lot of money and give it away. And then here he was less than ten years later, apparently worth $20 billion. So I just thought this was like a crazy story. Almost like didn't believe it. I wanted to see it for myself. And yeah, that's what got me interested. And so you do this profile about this dude who had at the time of writing, not actually given away a lot of money? Is that correct? I mean, it depends how you define it, but I went down to The Bahamas this February, and at the time, he told me, and I actually think this still checks out that he had given away something like a hundred or $200 million, which, you know, a lot for a 29 year old, but less than he had spent on marketing for FTX by that point. Right. Just even stuff that I knew about, there was like the stadium naming rights, there was a Super Bowl commercial, but I went down to our spent two days hanging out at their offices in The Bahamas. And I wrote a profile that, you know, did not say, hey, look out for FTX. This place is sketchy. It was mainly about, okay, this guy's making a lot of money on crypto. You may think that's kind of sketchy in itself. Is he really going to give it away? Right. So, of course, now I'm kicking myself that I didn't see a lot of red flags that should have been obvious at the time. So February, you go, you're in The Bahamas, you write this profile, November, December, you're back in The Bahamas for a very different kind of story. In November, it all in one week, the whole thing blew up. What do you make of the spectacular collapse of sandbank and freed's FTX? Authorities and regulators are investigating whether FTX has mishandled customer funds and we heard about some of those stolen funds at the hearing. You have to ask groups collapse appears to stem from absolute concentration of control in the hands of a small group. Lots of investigations going on in both here and in The Bahamas. Look, FTX is one of these absolute travesties in the history of financial markets. And they're like, now, Sam's been arrested. We've seen the criminal charges, but in early November, it looked pretty clear that he had taken the exchanges customers money and gambled it away using his hedge fund. But no charges had been filed. Yeah, no charges have been filed. So I decided to go back and talk with Sam. He kind of answers questions if you ask them. So I thought that by talking to him, I might learn something about what had happened at FTX after some texting, he invited me to his apartment in this crazy resort called Albany on the island of new Providence, which had not been part of the tour the first time. And as soon as I walked in, I could totally see why, because he liked to have this image that he really didn't care about money. Like he talked about, he drove a Toyota Corolla. He always wore the same kind of ratty clothes. He didn't do his hair. One time he testified before Congress and his shoes were laced into like a big knock because he just bought him at Payless or something like that. So he was really going for this image that money wasn't important to him. But this resort had Albany, I mean, I've never been anywhere like it. These 8 apartment towers around this mega yacht Marina and there's like billionaires, there's a fracking billionaires like giant yacht out front. He definitely wouldn't have fit in there with his look. And then his apartment at this place costs $30 million. At this point, there was a lot of like crazy rumors going around the tabloids that this is where he lived with the other top executives and they had been in a polycule, shall we just say? Yeah, yeah. I don't think that's true. It was almost being painted as like a Wolf of Wall Street type situation and really the opposite of the image he had been projecting. And you wrote that it was like an abandoned frat house. Yes, like what I came in there the first thing the elevator opens into the apartment. The first thing I noticed was there were all these shoes because all these FTX employees had been living or staying in this apartment. And they had just fled. Like when FTX was collapsing, they all left and a lot of them hadn't taken their things. And in the bathroom, there was, it seemed like the maids that made service had stopped, like the bathroom, they were like, towels, it needed to be done. A lot of dishes and the kitchen. Sam led me to a small
The Breakdown
Sam Bankman-Fried Reportedly Set for Extradition to the U.S.
"All right, so before we get into the main show, a quick follow-up from yesterday. We discussed the apparent show that was Sam's hearing from The Bahamas. And there are just so many layers of weird in this. Bed Armstrong, aka BitBoy had a whole crew down there in The Bahamas who were trolling Sam at the hearing and talking about some woman who filed criminal charges over the weekend. Anyway, where we ended off was the judge sending Sam back to jail, calling it a waste a day, but apparently it wasn't entirely wasted. Because before he left, Sam was allowed to place a phone call to his U.S. legal team. One of the issues raised in Monday's hearing was that Sam wanted to view the indictment before he agreed to extradition. Following the hearing, both The New York Times and Washington Post reported that Sam's Bahamas based defense attorney said that Sam had now agreed to extradition, stating that we as counsel will prepare the necessary documents to trigger the court. However, the strangest twist of the story came on Monday evening when Fox News reported that Sam had cut a deal with U.S. prosecutors in exchange for waving his right to contest extradition. Eleanor turret, a reporter at Fox tweeted, quote, Sam bankman fried has agreed to be extradited to the U.S. and will be arriving either tonight or tomorrow. Two sources have informed Fox News, he's expected to be released on bail per preconditions. His lawyer made with the SDNY prosecutors, in exchange for agreeing to extradition. Background freed will be a raid at a federal court in Manhattan where he'll have a new bail hearing. While multiple sources say he's expected to be released on bail, it will ultimately be up to the judge to the side. Now this fact that whatever the SDNY has indicated to Sam's lawyers, it will still be up to a judge to decide about bail, has not stopped tons of people, including politicians from speculating about a potential deal. For example, Bill huizenga, congressman from Michigan said, a U.S. government must seize his passport to make sure he's not a flight risk again. B, bell needs to be significant in commensurate with the crime, see, while not practical or possible for him, think a dog must bark, he ought to be limited in his social media and Internet usage. Now, frankly, if you're the judge in your hearing this case, there isn't just the issue of whether Sam's a flight risk or not. There's also the issue of how Sam on bail could potentially access crypto networks to move around any secreted funds and frankly, I think that's just as big of an issue in this case.
AP News Radio
Hearing on FTX founder's extradition to US set for Wednesday
"An extradition hearing is set for Wednesday, The Bahamas for the founder of the collapsed cryptocurrency firm FTX. I Norman hall, Sam bankman freed will have a hearing in a bahamian court on his possible extradition to the U.S. in the coming days to face criminal charges related to the collapse of cryptocurrency exchange FTX on Monday bank and freed's lawyer said he had agreed to the extradited to the U.S., but the necessary paperwork had not yet been written up. It's not clear when bankman fried's extradition could occur once it is approved by the bahamian court. U.S. prosecutors allege he played a central role in the rapid collapse of FTX and
AP News Radio
FTX founder expected to drop fight against extradition to U.S.
"Cut shorter hearing Monday where the disgraced FTX founder was expected to drop his extradition fight. Sam bankman fried was expected to tell the judge he will not fight extradition to the U.S., where he faces multiple criminal and civil charges related to FTX collapse instead eyewitness news Bahamas is reporting bankman fried is heading back to jail and that his attorney requested the adjournment because he hadn't been properly consulted. BitBoy crypto founder Ben Armstrong was in court. He knows he's in big trouble and he knows that we're part of it. And I want to miss it for the world. So we
AP News Radio
FTX founder expected to drop fight against extradition to US
"FTX founder Sam bankman fried is expected to drop his extradition fight and let The Bahamas send him back to the U.S. to face charges. Sam bankman fried arrived at the courthouse in The Bahamas from jail there under heavy guard, a handful of people who said they were either crypto enthusiasts or FTX customers that lost money came to court to witness the proceedings. One man called out, Sam's a fraud, bankman freed faces multiple criminal and civil charges in the U.S., including wire fraud and money laundering related to the collapse of his cryptocurrency exchange FTX, his decision to return to the states comes just a week after bankman fried's lawyers had initially said they plan to fight extradition. The 30 year old who was once the poster boy for cryptocurrency was arrested last Monday in The Bahamas at the request of the U.S. government. I'm Julie Walker.
The Bitboy Crypto Podcast
"the bahamas" Discussed on The Bitboy Crypto Podcast
"Thank you, thank you. So where we're at right now is everybody understands, I know we're down here in The Bahamas and we're talking about FTX, but you have to understand how much FTX affected all these other platforms. It's become very clear that FTX and their business practices were behind the downfall of Celsius. We're behind the downfall of Voyager. We're behind the downfall of three arrows capital where they strategically liquidation hunted them. And of course Tara Luna and the unpacking deep packing of UST. They're all related. And we haven't really had a good way to try to bring together all the evidence to show this. But today with the process that we've started, we actually believe we are now on the rabbit trail that's going to send us to the truth about everything. So there's Lincoln. Link, you want to talk a little bit about what we did today and how that's going to lead into the next steps. Or we might actually be able to uncover the entire thing. Well, we have been seeing that a lot was done. We were seeing that a lot of criminal activity was done. But no one could ever put the pieces together. And the only way you can do that is to take action in The Bahamas. And the only thing that no one actually did was take action Obama's. We depended on the authorities to do what is right. But it appears that they were caught up in the corruption. So today we decided to take a stand. One, we went to the police to make an actual complaint. They never expected anyone to do that. Because the people who allowed to trade are most likely, people who are involved in the scoundrel ism. The politicians and their friends, et cetera, there's 1500 bahamians that somehow all of a sudden is allowed to trade in the ammons aren't allowed to trade. Who are they? The names don't get called. Will they companies? The government said they even wore it. That's not a person. So are these 1500 share companies? Are these 1500 local bahamians? That's the question we have to ask. And so today we went to the police, the file complaint, I think they plan it and said, come tomorrow. Normally when you see that, it means that they're trying to get instructions from up top.
The Bitboy Crypto Podcast
"the bahamas" Discussed on The Bitboy Crypto Podcast
"Welcome to BitBoy crypto. My name is AJ. Tonight, we have a very special episode coming to you live and in person from The Bahamas. Tonight's special guest is Lincoln Bain. The prime ministerial candidate from the opposition here in The Bahamas. Also, we have the one and the only Ben Armstrong. Tonight's conversation is focused on how crypto is going to heal itself from the inside. And without further ado, let's start the show. All right, so you guys know if you watch the channel, which you obviously do because you're here watching the channel. I came down to The Bahamas about a month ago looking for Sam, Damon freed. Everybody had this idea that he was, you know, the military was guarding him and he was under wraps and he was untouchable. And I just knew that was BS. And I wanted to come down here with The Bahamas and get the real story. And as I came down here to get the real story, I know what people thought. People thought it was for clicks and it was for hype. No, no, I really wanted the truth of what was going on down here. And the cool thing is, while we didn't get to talk to Sam because he continues to avoid me because I have the hard questions for him. We did come down here and we got the truth of what's going on here in The Bahamas with the people. We discovered so many different things. Like, I don't know if you guys knew this. People in The Bahamas aren't even allowed to gamble at the casinos here. They're not even allowed to invest in crypto and FTX. Here's what's really strange. If you guys remember a couple of weeks ago, there was the story that all of the people in The Bahamas who had money on FTX got to withdraw it. Well, guess what? None of the residents here are allowed to have crypto there. There's always a story behind the story. And I think when you really understand who those people were that were getting to withdraw, you'd discover that there's a lot of government corruption here in The Bahamas. And it continues and we're trying to uproot that. We're trying to use The Bahamas here as a test case where how can we remove corruption? How can we in America with a place as bigot as we are, again, to clean things up, we were down here in The Bahamas, a small country where they can't even clean theirs up. And so Lincoln and I have teamed up down here and we were coming at these people. And we're going to be trying to clean up the corruption. All throughout the islands. And what we want to start with here is start with we brought down a lot of investors who lost money through crypto through some of these exchanges. So we're going to give them a chance to tell some of their stories real quick. So we're going to talk about that. Then we're going to move into what we did today that was so big. And then how we can move in the future forward together. So you guys want to take it away. You want to start? Sure. We'll get you a microphone here. Yeah. My name's Joel. I lost a bunch of money on Celsius. So what happened was I trust Alex mashinsky when he told everybody that it was safe to add even more money. Meanwhile, we found out later, you know, that they were all withdrawing their money. So that really hurts. But yeah, I lost a good chunk of my crypto on Celsius. I know I probably only see a little bit back maybe if I'm lucky, but it is what it is and I worked a long time for that.
Coin Journal
This week in crypto SBF arrested in The Bahamas
"3 p.m. Friday December 16th, 2022. This week in crypto SB F arrested in The Bahamas. Authorities have arrested Sam bankman fried in The Bahamas. By its reserves are accounted for, says crypto quant. Ark invest continues to invest in coinbase Sam bankman fried has been arrested Sam bankman Freud, the former CEO of FTX cryptocurrency, was arrested in The Bahamas earlier this week. The former billionaire now faces extradition to the United States, where he would. The post this week in crypto arrested in The Bahamas appeared first on coin journal
Blockchain News
SBF Submits Fresh Bahamas Supreme Court Bail Application
"6 a.m. Friday, December 16th, 2022. SPF submits fresh Bahama Supreme Court bail application. Sam bankman fried has allegedly applied for bail again in the Bahama Supreme Court money laundering, wire fraud, and securities fraud are among the 8 U.S. allegations against the FTX founder. A court granted bail on December 13th because the crypto executive was a flight risk on December 15th, local media reported that he had filed the application, and it will be considered in court in January. Read more
Unchained
SBF In Good Spirits at Bahamas Maximum Security Prison Sick Bay
"10 a.m. Friday, December 16th, 2022. SPF in good spirits at Bahamas maximum security prison sick bay. Former FTX CEO Sam bankman fried spent his first night in Fox hills maximum security housing unit. According to a Thursday report from the Nassau guardian, bankman fried is being housed in. The post SPF in good spirits at Bahamas maximum security prison sick bay appeared first on unchained podcast.
Unchained
The Chopping Block: Was FTX a Scam From the Very Beginning?
"Okay, so the FTX story is the gift that keeps giving. Unfortunately, we can not stop talking about it. We really wanted to. We were still looking forward to this story just slowing down. And people were speculating that it was going to be months until Sam was charged. It's very common in investigations of this kind of this sweeping Ness that they take a long time before any charges are filed because everybody's got to get their case in order before they actually filed hers. This has been incredibly fast. So basically yesterday, it was finally announced that Sam was arrested in The Bahamas, and we had actually believed his Monday night that he was arrested. And then file charges were unsealed. First by the southern district attorney of New York for wire fraud and a bunch of other stuff campaign financing laws and a bunch of other stuff that they charged them with, as well as complaints, civil suits from the CFTC and the SEC. And so the southern district of New York didn't give a whole lot of details. That was pretty sparse. But the CFTC complaint in the SEC complaint have an enormous amount of detail
The Bitboy Crypto Podcast
"the bahamas" Discussed on The Bitboy Crypto Podcast
"Talked to him today, and they said, Sam literally cost him 8 figures. Why? Because the day he tweeted out, everything was fine. And they were not insolvent at FTX. This project was getting ready to put funds on FTX. They saw Sam's tweet. Trusted Sam's tweet. When he said they were fine. And the guy said, oh, I just thought it was fun. I thought it was fun, and he dispelled it. It was over. They put 8 figures on FTX and got rubbed. Their real repercussions from Sam's idiocy. And what the repercussions of his actions and what he does, it's more than just a guy lost a hundred bucks on FTX. Certainly a lot of those people exist. But it's wide, it's far reaching. And he's got to be held accountable. And now this garbage that, oh, I don't know. I don't know where all the money went. Shut the up, Sam. Nobody wants to hear that. He did get asked about Dan friedberg. That was a great question, by the way, on the Twitter spaces. And he said, literally, you know, I don't even talk to people that work at FTX. Now let me tell you what's going on here. Some of you guys may not understand what is happening. And I do. Some of you may have caught on to this. What Sam is doing with all of this talk around Alameda and always talk about elevated FTX and the co mingling of funds. What they're trying to do is you're trying to paint a picture that it was not theft, it was not fraud. And if there was any wrongdoing, it was on the Alameda side, okay? He has been throwing portal line. He's been throwing Caroline and same under the freaking bus. Meanwhile, his parents are going to get off Scot free probably. They're the architects of this team. They're the puppet masters, Dan friedberg is the architect. But the fact is, is that on one hand, he's trying to throw these other people under the bus. They don't get in trouble. On the other hand, they're trying to shift this from a criminal fraud case to a miss management of funds. Because if Alameda and FTX are partners, then this makes it a little bit different because what they're trying to do is paint Alameda as a client of FTX, which then gives them the ability to be able to move the funds. And so that's what you're seeing here. And that's what we got to prevent. Guys, Sam, he certainly a loser. But he's not as dumb as he making himself out to be. I still believe that I do know more about what happened at FTX than he did. I do believe that. I believe I know more about what happened to FTX now. I made it than he does. However, the level of idiot that he's playing here is totally false. It's totally false. He knows more than he's telling you that he knows. So we're going to set up a Twitter space tomorrow. I dropped a couple of screenshots showing the agreed to come. If he doesn't show up, we're going to do a gigantic evidence. Guys, nobody has the evidence for me. Me and Hussein, we got all the evidence, right? And because of that, you know, nobody else can drop what we're going to drop. That's why people follow us on this. Look, certainly support other people that are tracking this down, the people that went to The Bahamas. People are trying to push this narrative. People that are trying to push Sam, but we're the only people that are actually have the evidence in our hands. So they asked about counterfeiting coins. He said, I'm not aware of that mechanism, but maybe that's basically what he said. So the fact is, is we're going to drop some of his evidence tomorrow. And we'll see if he doesn't show up. He shows up and we might hold it a little bit longer. But what we are going to be doing, I talked about this on Twitter. Is if Sam is not arrested by Christmas. He's going to do today. And Sam is not arrested by Christmas. I'm going to be organizing a protest of FTX users who lost funds, we actually have some funding. So if you lost funds, I think we have somebody having me tomorrow about it. If you lost funds in the FTX debacle, some of you will be able to hopefully we'll be able to pay some people's way, other people, if you have the means to go, it's not an expensive trip, right? It's like probably a thousand bucks total for you go down to The Bahamas. It's a flight and a hotel, whatever. I don't know, maybe it's more, maybe it's 2000, but whatever it is, it's not a zillion dollars and it's not 6 figures. It's not 20,000 or $10,000. So if you can afford your own way, we'd love for you to come down and pay for your own way. But we're going to be creating a fund to be able to help some people go down there that we're really passionate and want to protest. We're going to go down. We're going to protest the Albany O four bay. A lot of the maybe Delta bank, a lot of the real estate properties that they own, that's a whole other thing of what you learned about on this channel. Some of those documents about how much they own an FTX property holdings and also in Alameda property holdings we didn't know what they own there yet. Go try and sort that out. So we're going to go down there and we've been told that if we as a group go down there and put enough pressure on the bahamian government that they will arrest them. So that is the goal. That's what we want. Someone's got to be freaking held accountable. It's not going to do much if Sam goes to jail in The Bahamas, but you know what it is going to do. It's going to start putting pressure on the U.S. to do something. DoJ, do the investigation, come get your boy where I have to go get them. All right, that's all I got. Be blessed.
The Bitboy Crypto Podcast
"the bahamas" Discussed on The Bitboy Crypto Podcast
"And <Speech_Male> I've shown you the road <Silence> map, <Speech_Male> it's easy to get <Speech_Male> in there. That's all <Speech_Male> you have to do <SpeakerChange> is go freaking <Speech_Male> get it. <Speech_Male> Listen to me. <Speech_Male> If a lot of you guys <Speech_Male> who lost in this and <Speech_Male> I think you lost because <Speech_Male> you love FTT <SpeakerChange> <Speech_Male> also. Well, <Speech_Male> no, no, no, no, no, no. <Speech_Telephony_Male> <Speech_Male> We never had money on FTX. <Speech_Telephony_Male> We lost a lot of <Speech_Male> money in Celsius, which was <Speech_Male> another big problem. <Speech_Male> <Speech_Male> But <Speech_Male> last year, it invested <Speech_Male> $500,000 <Speech_Male> into the MTT <Speech_Male> token. Yes. <Speech_Male> And then <Speech_Male> I <Speech_Telephony_Male> don't remember when we removed <Speech_Telephony_Male> that 2942 <Speech_Male> tokens. <Speech_Male> Something like that. <Speech_Male> Yeah, it was a lot of <Speech_Telephony_Male> tokens. And so <Speech_Male> but we had sold <Speech_Male> those somewhere along <Speech_Male> the bear market somewhere along <Speech_Male> the line, but two months <Speech_Male> ago, <Speech_Male> we made a video <Speech_Male> where we <Speech_Male> said we were <Speech_Male> completely <Speech_Male> out of Solana <Speech_Male> completely out <Speech_Male> of FTT. <Speech_Male> And we decided to <Speech_Male> go to the philosophy. <Speech_Male> We don't like their philosophy, <Speech_Male> but where they're <Speech_Male> going, we didn't trust <Speech_Male> them. People <Speech_Male> made fun of it. Well, it's <Speech_Male> still a great investment, <Speech_Male> you know? But <Speech_Male> now look. So <Speech_Male> yes, we were very <Speech_Male> bullish on FTT last <Speech_Male> year as a token, <Speech_Male> never use <Speech_Male> exchange. We had actually bought <Speech_Male> it on KuCoin. <Speech_Male> But <Speech_Male> we came out into our audience <Speech_Male> because this is what <SpeakerChange> people like, you know, <Speech_Male> people like to attack. And I'm <Speech_Male> sure you know I'm sure you can attack <Speech_Male> them different people. <SpeakerChange> They say, <Speech_Male> well, your channel <Speech_Male> also got FTX, but <Speech_Male> you were big on <Speech_Male> empty. Yeah, <Speech_Male> before I knew <SpeakerChange> all this stuff, <Speech_Male> it <Speech_Music_Female> seemed like for the outside <Speech_Female> looking in, <Speech_Male> everything was <SpeakerChange> checking out. <Speech_Male> They were growing fast. So <Speech_Male> I <Speech_Male> don't hold any <Speech_Male> against anybody. I <Speech_Male> actually don't hold <SpeakerChange> anything against <Speech_Male> me by the promoted FTX. <Speech_Male> We never did. <Speech_Male> But <Speech_Male> obviously, <Speech_Male> we had Celsius, which was <Speech_Male> a big disaster for us. It's <Speech_Male> like, we just <Speech_Male> trusted too many <Speech_Male> people and too many exchanges. <Speech_Male> And now we're getting <Speech_Male> a clearer picture. <Speech_Male> And for me, it's <Speech_Male> really about for the <Speech_Male> haney government and for <Speech_Male> us in crypto both. <Speech_Male> It's about doing <Speech_Male> the right thing going forward <Speech_Male> and now having all this new <Speech_Male> perspective. More <Speech_Male> of the victims would come <Speech_Male> down here and put <Speech_Male> progression is <SpeakerChange> government. <Speech_Male> They will act. <Speech_Male> There we go. You guys here, <Speech_Male> if you're a victim of FTX, <Speech_Male> <Speech_Male> <Speech_Male> <Advertisement> come to The Bahamas <Speech_Male> <Advertisement> and you protest <Speech_Male> <Advertisement> here in The Bahamas. <Speech_Male> <Advertisement> Let's schedule it. <Speech_Male> <Speech_Male> <Speech_Male> Prime minister's office <Speech_Male> and you <Speech_Male> protest what has <Speech_Male> happened because <Speech_Male> they were at fault. <Speech_Male> Yes. Because they <Speech_Male> put no policies in <Speech_Male> place and they would <Speech_Male> challenge me with them. <Speech_Male> If you come and do that, <Speech_Male> it will get <Speech_Male> international attention <Speech_Male> and they won't be able to hide. <Speech_Male> <Speech_Male> Let's do it guys. Let's put it together. <Speech_Male> I'm going to put it together. <Speech_Male> Awesome. Yeah. <Speech_Male> <SpeakerChange> Let's do <Speech_Male> it. Well, cool. We <Speech_Male> got to get ready for this. And we're going <Speech_Male> to have some documents. We'll probably <Speech_Male> put a blog post out <Speech_Male> when you send us some of these <Speech_Male> documents or leads on <Speech_Male> our website to more of the <Speech_Male> stuff. <SpeakerChange> So people can <Speech_Male> check it out. <Speech_Male> FTX, total <Speech_Male> scam using real estate, <Speech_Male> stole your money. <Speech_Male> We're buying real estate <Speech_Male> to wander their <Speech_Male> money, basically, and to hide <Speech_Male> it from the government. <Speech_Male> This guy's got <Speech_Male> to go down, man. It <Speech_Telephony_Male> was so nice talking to <Speech_Male> you. This was awesome. <Speech_Male> <Speech_Male> Guys, <Speech_Male> let's get it. That's all I got. Be blessed.
The Bitboy Crypto Podcast
"the bahamas" Discussed on The Bitboy Crypto Podcast
"And we've had a massive development here in the last 9 hours. And unfortunately, right now, I can't tell you what it is. But I can tell you that we're hoping that this is going to lead to something absolutely massive by the end of the day. That we are really trying to figure out some logistics on something that the Internet would kill for right now. And if we're able to make happen, what we think we're going to make happen, it's going to be closure. It's going to be clarity or are going to be questions answered that nobody else is going to be able to give you guys and so this is what we're pulling for. We are now here for at least a day. We are heading over to tether to Delta bank. And let me tell you, when we get back to stateside, we're going to tell you some of the stuff that we found that we can't even talk about right now while we're still here in The Bahamas. So maybe tomorrow I can call in and show you guys something. That people are going to be absolutely shocked that we got. And you know, I think that this is the kind of situation that's ever developing and people are, you know, last night we got to go with the bahamian government or, well, when an activist, Lincoln, Lincoln Bain, he's a big guy here in the moments. Everybody who we talk to at the casino, the dealers, the wagers is they all know who he is. He might be the next president of The Bahamas. We did a live stream with him where we reacted to what was going on with the statement from Ryan pinder, the attorney general here. He left the government, went and worked for del tech bank and then his came back to the government now. We watched the thing last night where basically he talked about what's going on here.
The Crypto Overnighter
"the bahamas" Discussed on The Crypto Overnighter
"They said it was concerning that FTX quote chose to rely on the statements of individuals they have in other filings, characterized as unreliable sources of information and potentially seriously compromised. Now apparently other FTX officials have made similar statements regarding significant thefts from the exchange. The securities commission is taking that as a sign. They said it, quote, reinforces the wisdom of the commission's prompt action to secure these digital assets. In the meantime, FTX is paying the very regulators who confiscated their funds. Because not only did the Supreme Court of The Bahamas order FTX to turn those assets over, they also ordered FTX to reimburse the agency for custody those digital assets. Since they were seized. It was at that point. Shortly after bankruptcy was filed, the Supreme Court of The Bahamas ordered those funds seized in the first place. Now that could start a bit of a slap fight between the U.S. and The Bahamas. Their order obligates the FTX digital markets or FDM to pay those maintenance and storage fees. The Supreme Court said quote, the order secured today confirms the commission is entitled to be indemnified under the law and FDM shall ultimately bear the costs of the commission incurs in safeguarding those assets for the benefit of FDM customers and creditors. In a manner similar to other normal costs of administering FDM assets for the benefit of its customers and creditors. In the meantime, the UAE is revoking permission to do business in their country. Officials from the Dubai virtual assets regulatory authority or vara said no clients were damaged by FTX. Because the Middle East North African division never got off the ground. FTX meta was still in the preparatory phase before getting fully licensed to shut up shop. And so with that in mind, Barry yanked that license that lets FTX continue preparations to serve the local market. On their website, the regulators announced that they revoked MVP. Their minimum viable product license. Citing the bankruptcy of FTX and Alameda research, Vera said that they shut down that license before any clients were exposed. And what that means is FTX Mena never got the chance to start operations or onboard investors. One of the steps that they had not completed yet was a domestic bank account. Which is a common requirement for all virtual asset service providers or that want to do work in the UAE. Now these service providers are being asked to provide disclosures. These disclosures are expected to help regulators pin down the degree of contagion within the UAE, as well as assess domestic market exposure. Those just in March that SPF announced FTX received the first digital asset license in Dubai. And we reported it here in July when FTX got license to participate in the minimum vial product program. Meanwhile, Sam bankman fried is still walking free. He's expected to make an appearance at a New York City conference at the end of the month. It was announced yesterday that sbf will be appearing with Andrew Sorkin at the DealBook summit next Wednesday. Now this is not something that was set up a long time ago and had not been descheduled. This was tweeted out yesterday by Sam and was confirmed with Sorkin, who said quote, there are a lot of important questions to be asked and answered. Nothing is off limits. Now personally, I would expect SPF to show up virtually. Let's be honest. There are a lot of people, myself included, who think that Sam is guilty of a lot of things, including fraud, wire fraud, theft, and money laundering. And then we've got Alexei Purcell, held for months and will be held for months more for no greater crime than writing code. No bail, no relief. No mercy. And yet, SPF continues to walk free. And we're going to call it there tonight. Now, every night, I thank you, my listeners. And then the spirit of Thanksgiving, I'm doing so again. Every click, every like, every download is like a hit of dopamine right to my brain, and I want to thank you for it. We'll see you tomorrow night.
The Crypto Overnighter
"the bahamas" Discussed on The Crypto Overnighter
"Here, encrypted, it's 10 p.m. Pacific time, my name is nicodemus and welcome back to the crypto overnighter, where we take a nightly look at the crypto NFT and metaverse space, and keep in mind nothing in this show should ever be considered financial advice. Hello. And welcome to Thursday, November 24th, 2022. Happy Thanksgiving. Now let's get to it. Our data is a decentralized finance in stablecoin project on cardano. In January, our Dana developers boasted that their project was almost done. In a tweet, they said quote, almost all of the product, smart contract development is finished. We could launch our products within a few weeks if we so wanted. Well, it looks like crypto winter is going to claim another victim. That is, unless they can find a new team to tag in, because our Dennis team is quitting. Suddenly, they stopped development on the project. They said that there were concerns about funding as well as the project timeline. The project is going to continue to be open-source in the meantime. Our data labs will custody the treasury balances of the remaining funds. At least until another team comes along to pick the workup. In a tweet, they said quote, development on cardano has been difficult with a lot of funding going into tooling, infrastructure, and security. This, alongside the uncertainty around the development completion, has led to the best course of action being halting development of the USD. So the way this project was working, there's a pool of money. And this money was raised at an initial stake pool offering on July 4th. Now, in this case, instead of the dev team getting the funds, the dev team is getting paid in staking rewards. Now for this project, those sticking rewards are denominated and the problem comes when, like now, the staking rewards are worth almost nothing. Over the last year, our Dana's Dana tokens have fallen 99.85% in value. And so as it stands, they're blaming these delays on cardano's liquidation issues. Risks to users funds. On the other hand, some users blame the ardenna team. One wrote, quote, sounds like you're blaming cardano for your lack of motivation and dedication. You decided to build here for a reason, and now you're giving up. Others, like exo will come in and take all the glory. Now, I'm loving Belgium right now because their financial services and markets authority said that because Bitcoin and Ethereum have no issuers, they can not be securities. It was today that the regulator said that they were trying to get ahead of an increasing number of questions around crypto regulations in general. They were hoping to get ahead of them by addressing some of the more common gray areas. One of those gray areas has to do with whether or not digital assets can be defined as securities. Because unlike the chaos in the U.S. regulatory space, it seems like Belgian law is pretty clear. The rule is neutral as regards to technology. This comes to us from their FSM a and it says that classifying financial instruments or securities shouldn't come from whether or not the asset uses a blockchain or if it relies on something more traditional. Now this largely mirrors guidance given in July that says transferable instruments that have an issuer are likely to be securities, which means they have to provide a prospectus to potential investors. They must also adhere to the law known as my fit. And my fit requires financiers to be clear and to avoid conflicts of interest. Now, none of that applies to Bitcoin or Ethereum or cryptocurrencies like that, because they have no issuer. However, in their piece they did say that even if those rules don't apply, there will be anti money laundering procedures as part of the markets in crypto assets law. Which will require much the same thing. A white paper, which is kind of the same thing as prospectus. As it currently stands, a 2014 Belgian rule makes it illegal for professionals to distribute crypto assets to retail clients. In the meantime, the European Parliament passed a vote on their digital decade program. This program means investing in a cross border blockchain infrastructure that could happen as early as 2030. This digital decade policy program is there to help businesses and public services digitize their work and it also promises support for a quote pan European blockchain based infrastructure. This measure was passed in a plenary vote, and it wasn't even close. 529 to 22. So what it means is setting up multi country projects that are designed to produce things like common data infrastructure, improvements to high performance computing, 5G Internet quarters and investing in blockchain solutions. Now, there's something called the European blockchain service infrastructure. And it is a cross border plan involving the EU member states as well as Norway and Liechtenstein. Ukraine is kind of a long as an observer. And the passage of this plan secures funding for years to come. And you use spokesperson said quote, the EBS I aims to support cross border public services, leveraging the technology in an eco friendly way. It uses blockchain in a permissioned way with an EU governance provided by the EBP. These multi country projects have funding available to them from the EU's existing resources. For example, there's a €724 million pot of loans and grants from the recovery and resistance facility. Now both EU member states as well as private entities will be able to support or invest in these projects. So now let's take a look at the FTX news out of The Bahamas because bahamian regulators are unhappy. The securities commission of The Bahamas put FTX on blast, claiming that the exchange had mischaracterized their actions. And as always, this kind of thing comes down to money because the regulators of the island nation are denying FTX claims that they force them to hand transfer from FTX to wallets controlled by the government of The Bahamas. On Wednesday, they called those allegations in temperate and inaccurate their words. In response, they said that they got permission from the Supreme Court to move those funds for a reason. And that reason was to protect the assets against the risks associated with hacking and compromise. And boy, howdy, did they get hacked? Now remember what happened? Shortly after sbf took his company into bankruptcy in the state of Delaware, the liquidators appointed by The Bahamas took their suit to a New York bankruptcy court. And now that's been cleared up. FTX submitted yet another court filing, asking them to move the chapter 15 proceedings to Delaware. And that has happened. The representatives for The Bahamas agreed to that much. However, it was in that same court filing that FTX made the accusation. Saying that the bahamian government directed unauthorized access to FTX systems. Now, the government allegedly wanted that access so that they could withdraw assets after FTX filed for bankruptcy protection, which shouldn't happen. I guess it's a matter of interpretation, especially where the term unauthorized access is coming from. Because The Bahamas is claiming that they were, in fact, justified, enforcing FTX to turn those assets over to government controlled wallets for safekeeping. And on Tuesday, during the first hearing of the case, FTX lawyers, while announcing that The Bahamas agreed to transfer the case to Delaware, James Bromley spoke out. Now, he is a partner at Sullivan and Cromwell, and he's in their finance and restructuring group. Romney said that FTX has proof that quote there have been the movement of assets out of debtors states to The Bahamas. And so security is commission isn't hearing that. After the hearing, the representatives of the regulator said
Finance Magnates
"the bahamas" Discussed on Finance Magnates
" 5 a.m. Thursday, November 24th, 2022. The Bahamas regulator justifies moved to cease local FTX clients assets. LTP GT the securities commission of The Bahamas on Wednesday released a statement justifying its move to cease the customer assets of the local Tahrir dot finance magnates dot com tag target quad blanquet F diesel tag density. FTX digital markets LTD FDM. It came after several questions were raised against the action of the bahamian regulator Donald cloaked quite it is unfortunate that in chapter 11 filings, the new CEO of FTX trading limited misrepresented this timely action through the intemperate and inaccurate allegations lodged in the transfer motion, quote the regulator stated dot clipped quad is also concerning that the chapter 11 debtors chose to rely on the statements of individuals they have in other filings characterized as unreliable sources of. Information and potentially apo seriously compromise depots qualified The Bahamas financial market watchdog gained a court order on November 12th to make the collapsed cryptocurrency exchange the dot finance magnates dot com cryptocurrency Bahamas regulators to transfer cryptos to government while it's quote target quote Blanco transfer local customer sapo's digital assets. To government controlled wallets will tag for a Pacific keeping a pose dobble cooked quite given the nature of digital assets and the. Risks associated with hacking and compromise, the commission determined that placing FDM into liquidation was not sufficient to protect the customers and creditors of FDM, quote the regulator added LTP GTL TPG GT further. The cyberattack on FTX, resulting in the theft of at least 1 billion in cryptocurrencies, justified the regulators moved LTP GTL tp GT the column cell TX, valued at 34 billion in the last funding round, collapsed earlier this month. Several misdeeds of its founder and the former CEO, Sam bankman fried surfaced over the weeks he reportedly used client deposits. He created a complex loan structure with sister entities backed by the native exchange token, FTT LTP GT LTP GTF tx dot com, FTX U.S., Alameda research in over 130 other affiliates filed for chapter 11 bankruptcy proceedings in Delaware. In addition, the bahamian entity dot finance magnates dot com cryptocurrency files for bankruptcy ascio bankman for Dresden's quote target quote blank hot filed for bankruptcy tagged, but chapter 15 protection in a New York court. The liquidators of FTX have now agreed to move the proceedings of FT past Bahamas entity to Delaware Donald cooked quite the commission will continue to evaluate the situation, continue to act in accordance with directions issued by the Supreme Court of The Bahamas, collaborate with other supervisory authorities, and take such further actions as needed to preserve the assets of FDM and to safeguard the interests of customers and creditors of FDM, quote the securities commission of The Bahamas. Added quite an addition, the commission will continue to investigate the facts and circumstances regarding 50s past liquidity crisis and any potential violations of bahamian law and hold any responsible companies and individuals accountable. In cooperation with other regulatory agencies and law enforcement both in The Bahamas and in other affected countries in connection with their own investigations on top of that, the scale and impact of the collapse of FTX prompted. Other global regulators to clarify their situation. The monetary authority of Singapore recently clarified that la reco dot finance magnates dot com cryptocurrency Singapore's masks not less sensitive protection off local as their simpo sub quat target quack Blanco FTX is not regulated under its jurisdictional tagged, and thus the protection of its local clients is impossible LTP GT. This article was written by WWW dot finance magnates dot com.
The Crypto Overnighter
"the bahamas" Discussed on The Crypto Overnighter
"Ordered for the crypto and FTX wallets. To be handed over to government controlled wallets, the previous week. They claimed that it was necessary for them to do so to protect their clients. They said that they were acting under an order issued by the Supreme Court of The Bahamas when they ceased FTX digital assets. They said quote, urgent interim regulatory action was necessary to protect the interest of clients and creditors of FDM. So remember, shortly after FTX filed bankruptcy on November 11th, now it's important to note that that filing was in the United States. And specifically did not include FTX digital markets in the bankruptcy. Now remember, after that bankruptcy filing, it looked like FTX was getting hacked, right? Because hundreds of millions of dollars of crypto went from FTX coffers to the wallet of the state. They said, quote, a digital wallet controlled by the commission. For safekeeping. So analysts were saying some $633 million worth of crypto was drained with 477 of that expected to be stolen. Well, that turned out to be false. And this decision to confiscate the money from those accounts came just two days after they decided to freeze FTX digital markets assets. Suspended their registration, so they couldn't do business in The Bahamas anymore. They stripped FTX directors of their power. And so the whole thing is just kind of odd. It's BF filed for bankruptcy chapter 11 protection on November 11th. Now on the 15th, after The Bahamas took all the money from the FTX wallets, then FTX digital markets filed for bankruptcy, chapter 15. And they did so in the southern district of New York, not Delaware, which is where the rest of the company's file. Genesis block is a cryptocurrency exchange based in Hong Kong. And they seem to be yet another casualty of FTX implosion. They said, fallout from FTX is the final straw after a year of winding down services. Instead of being the FrontRunner to provide retail crypto services in Hong Kong, genesis block announced that they were shutting down operations in ceasing trades. They sent out a letter to their customer. In their letter, they gave December 10th as the date that they plan on sunsetting their OTC trading portal. Winston hung is CEO of Bach. And he said that the company has ceased trading due to the turmoil from FTX. He said quote, so we would rather close out our positions to regain some of our liquidity. That said, their website is still up. And they still have a section for customers interested in OTC trading, but it's just like a help file for information only. Genesis block has asked their customers to get their funds off the exchange. And they're no longer accepting new signups. That said, sources say that genesis block began winding down services earlier this year. And they cut ties before FTX imploded. And in addition to their OTC trading, genesis block also ran a Bitcoin ATM network. They sold that network and it's 29 notes to a third party this year. This is genesis block. This is not the same genesis that's causing a problem with Gemini's earned program. Genesis is a institutional trading company that has a $175 million locked up on FTX. So it's a different company. And finally, let's talk about Kroll. Kroll is a restructuring administration firm. Kroll restructuring administration is a subsidiary of Kroll LLC. Kroll LLC is one of the world's largest corporate intelligence firms. An FTX has hired Kroll to track all of the claims against them. They're also responsible for identifying interested parties of developments throughout the bankruptcy process. Kroll is also known as a claims and noticing agent. And they were appointed to the role last week on the 12th. Now their job is to keep track of all of the claims against members of the FTX empire. Right now, there's only 8 claims in that database. And these kinds of agents are commonly used when the claimants number a thousand or more. With an estimated million or more potential creditors in this case, I expect that database to grow significantly in the coming months. In addition to claimants, Kroll has a list of interested parties. These are people or entities that want to be kept updated on developments. This list already over 750 parties does not include customers. It's more things like banks and landlords, regulators and insurance providers. As well as individuals, Stephen Curry is on the list, as well as Wells Fargo, chain analysis, circle and JPMorgan. And I think that's going to do it for us tonight. I want to thank you my listeners because when you stop listening, I will stop talking. We'll see you tomorrow night.
The Crypto Overnighter
"the bahamas" Discussed on The Crypto Overnighter
"Here, encrypted, it's 10 p.m. Pacific time, my name is nicodemus and welcome back to the crypto overnighter, where we take a nightly look at the crypto NFT and metaverse space, and keep in mind nothing in this show should ever be considered financial advice. Hey, everyone. It's 10 p.m. on a Thursday, November 17th, 2022. Diet Friday. Okay, on with the show. One of the tactics that debt collectors used is to tell the debtor, I don't care where you get the money, make sure you pay us first. Even if you have to borrow the money from someone else, you make sure you pay us first. Which makes sense, right? You know this guy isn't making the best choices financially speaking necessarily. And you want to make sure that you're taking care of in case the money runs out. The island nation of The Bahamas is a lot like you. And in a way, I get it. Assuming what FTX is saying is true, that is. Because the crypto exchange is accusing the government of The Bahamas of directing unauthorized transactions from FTX systems to withdraw assets. This was after the company filed for chapter 11 in the United States. So the document was filed in U.S. bankruptcy court for the district of Delaware. This filing asks for the transfer of the case to Delaware. They said to quote end the chaos. So that all of the proceedings can take place in a single venue. Because this is messy, right? This thing has some 130 odd companies involved. Estimates are 1 million creditors. In their filing, they said they have, quote, credible evidence that the bahamian government is responsible for directing unauthorized access to the debtor systems for the purpose of obtaining digital assets. Adding, it appears they automatic stay has been flaunted by a government actor no less. Because when bankruptcy is filed, that's supposed to freeze all the assets. That's the protection that they're talking about until they can be divvied up between the creditors. FTX trading is an antiguan company that filed for bankruptcy in the United States. They want to have the entire thing held into single court as well. They said quote, having two bankruptcy courts consider related issues simply makes no sense. It would result in potentially inconsistent opinions, duplication of efforts and unnecessary expense. In terms of the celebrity of mister beckmann fried, his unconventional leadership style, his incessant and disruptive tweeting since the petition date and the almost complete lack of dependable corporate records, these chapter 11 cases are unprecedented. And we're going to talk about Sam's tweets here in a minute. But for now, the accusation was filed in response to a complaint filed in a New York court. One filed by the court appointed bahamian liquidators. They remember we talked about the Bahama Supreme Court. They appointed these provisional liquidators. Brian Sims is one of those liquidators. And mister Sims has objections. He submitted a court filing that because FTX is domicile in The Bahamas. That means FTX wasn't able to file for bankruptcy in the United States. Further, he said quote, he rejects the validity of any purported attempt to place FTX affiliates in bankruptcy. Now, he didn't go quite so far as to ask for the court to dismiss the U.S. bankruptcy proceedings. That said, he did request that the court recognized that the bahamians legal actions were valid. He said that this could impact proceedings for other FTX controlled entities. So for Sims and what he's arguing, it comes down to this. FTX markets is the parent company over all of the other companies, which, according to him, means that all of the companies in the empire belong to FTX digital markets. He said quote, despite the seemingly complex structure of the FTX brand companies, the entire FTX brand was ultimately operated from a single location. The Bahamas, all core management personnel likewise, were located in The Bahamas. And so what he's asking for here is provisional relief. They want recognition of the bahamian legal proceedings thus far. And they want FTX U.S. based assets transferred over to those court appointed liquidators. He wants authorization for quote urgent discovery measures. And they want to make sure none of FTX assets are transferred and otherwise disposed of. And all of this comes after he and other liquidators filed for chapter 15 protection on behalf of FTX digital markets. That filing went in on Tuesday. Chapter 15 protections are usually used in cross border operations. And so these liquidators are claiming signs of quote serious fraud and mismanagement. This is according to filings made late Wednesday. The group filed their document in the U.S. bankruptcy court of the southern district of New York. Which is why documents were filed to get everything done under the bankruptcy court of Delaware so that there would only be one court involved. In their filing, they said quote, the joint provisional liquidators filings to date indicate that serious fraud and mismanagement may have been committed. And so they're filing is to prevent any assets of being disposed of until the courts make a final decision on whether or not to grant chapter 15 bankruptcy protection. Because there have been reports that Alameda research owes FTX something like $10 billion. They said those reports were quote essentially confirming that FTX brands management misused customer deposits on the FTX digital asset exchange to extend undisclosed loans to Alameda. They also brought up that $500 million loan that they made to Voyager as well. With all this in mind, an official notice from The Bahamas securities commission said that SPF is possibly facing criminal proceedings. Now The Bahamas and their liquidators are not the only ones interested in, the quality of leadership exhibited at FTX. John ray had some things to say about the way the company was run. And he also had some things to say about SPF's latest antics. This was after Sam took 40 hours or so to type out what happened. Tweeted that out across 9 different tweets. SPF also said that FTX has leverage was around 13 billion. Not the 5 billion that he originally thought. Inter mister John J ray the third. He took over as CEO when Sam filed for bankruptcy. And he has a reputation for having been the guy who shepherded enron through their bankruptcy and settlement proceedings. At the time, the largest corporate bankruptcy in U.S. history. And so his reaction to Sam's antics were pretty subdued, really. He didn't point and laugh. He was in a tweet on Wednesday that he did say, quote, mister bankman fried has no ongoing role at FTX, FTX U.S., or Alameda research limited, and does not speak on their behalf. But that's not all mister ray had to say. In a series of filings in that Delaware bankruptcy court, he characterized SBS management as unprecedentedly poor. Now keep in mind, this is the enron guy. He saw the ugly, unvarnished truth of enron from the inside out. He knows corporate rock. And so he called out a myriad of things,
WTOP
"the bahamas" Discussed on WTOP
"Local Sports at 15 and 45 brought to you by your local Honda dealer Don't settle for less than a Honda 1145 time for Ben raby All right sandy will start with college basketball Maryland has shown a knack for the comeback early on this season and today in the championship game of The Bahamas championship the terps again mounting a second half rally Maryland trail Louisville by as many as 8 in the second half but the Turks responding with a 13 nothing run Marilyn now leads 47 42 with 7 minutes remaining in the title game College football coming up at noon regular season finale for Maryland as they visit Rutgers winner will become bowl eligible elsewhere in the Big Ten Biggest game of the day nationally second ranked Ohio State taking on number 5 Michigan the rivalry renewed with the winner of that game sent to advance to the Big Ten title game State having won 8 straight against Michigan also at new navy at temple That game airing on 1500 a.m. NHL another three goals from Alex so the capitals beat the Florida Panthers four three on Black Friday capitals a severely shorthanded bunch They were missing 6 regulars from their lineup last night still managed to win only injuries though meant an opportunity for depth defenseman Dennis pulaski he appeared in just his second game of the season in a pretty good gig for the 23 year old to play alongside Alex sochin It's crazy I mean he was one of my favorite players growing up I used to have an old vegetable Jersey so who didn't right No it's super cool to be in around these guys and just seeing what he does every day.