Ryan Pinder, the Minister of Legal Affairs and the Attorney General of the Bahamas, raised allegations against John Ray III (the latest CEO of FTX). He stated that the person misrepresented the preventive measure taken by the Securities Commission along with utilizing erroneous accusations. Pindar additionally defended the moves that the regulators of the country took after the crash of the crypto exchange. FTX faced an unexpected collapse earlier this month which is considered to be more serve than the Terra crash. Furthermore, Turkey has also initiated an investigation into the matter of FTX collapse.

The Bahamian Authorities Keep on Examining the FTX Debacle

The Attorney General voiced during a national speech through Facebook Live. He persuaded the entirety of the international authorities to express their due prudence as well as be limited in the public commentary thereof. He added that no prejudice should be carried out in the ongoing proceedings. The authorities are becoming more and more stringent in the Bahamian jurisdiction regarding the new management of the crypto exchange.

The SCB disclosed that John Ray has levelled inaccurate allegations in the case of dealings with FTX. After halting the assets in the possession of FTX, the SCB revealed to also have frozen the assets of FTX Digital Markets on the 12^th of November.

The Attorney General of the Country Refutes FTX’s Allegations

In addition to this, the regulator transacted all of the assets directly to its digital wallet. FTX Digital Markets is considered to be a subsidiary of FTX Trading in the Bahamas. Pindar focused in his speech that the Securities Commission was moving with great speed. As per him, FTX Digital Markets’ placement in momentary liquidation was insufficient to shield the creditors and consumers.

Thus, in his words, the FTX Digital Markets’ assets were secured by the Securities Commission to benefit customers. On the other hand, FTX claimed to have significant evidence that the government of the Bahamas is involved in providing unauthorized access to the systems of Debtors to get Debtors’ digital assets. This has been mentioned by the crypto exchange in its bankruptcy filing.

According to Pindar, the authorities of the country doing a thorough investigation on FTX. Nonetheless, it is still going through its early phases, and no help would be provided by some ill-informed speculation. He elaborated that any effort to put the responsibility of the FTX fiasco on the Bahamas – while keeping in view that the exchange is headquartered in this jurisdiction – would just be an oversimplification.