Mathisen Marketing

Your Marketing Blog

The Bahamas Securities Commission hits back at FTX for misrepresentations – crypto.news

FTX confirms holding $900 million in liquid assets

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

The Securities and Exchange Commission of the Bahamas (SCB) on Thursday reinstated the bankrupt FTX cryptocurrency exchange for misrepresentation in order to protect all of the company’s assets from further malicious attacks. SCB applied to the country’s Supreme Court for permission to protect the allocated funds. The court also granted the application for further compensation.

FTX paranoia

FTX charged that the country granted illegal access to its assets to transfer its platform to SCB. The Commission responded to the accusations with a press release.

The commission said in a statement that FTX’s accusations were inaccurate and unreasonable. It further said that it has received approval from the country’s highest court to protect the beleaguered company’s assets from any hacking and platform compromise.

Under new management, FTX has started insolvency proceedings in the US Delaware bankruptcy court. The company filed for chapter 11 bankruptcy on 11th November, and Bahamian court-appointed receivers filed a Chapter 15 cross-border insolvency proceeding in New York court.

FTX requested in a follow-up court filing that the court transfer the Chapter 15 case to Delaware so that all proceedings can be heard in that venue. The filing included FTX’s accusation of allowing the Bahamian government illegal access to the system, so the assets were removed after the company filed for bankruptcy.

Reasoned answer?

The Bahamian Commission continued an ad It has subsequently ordered all FTX funds to be transferred to government-controlled wallets.

The first hearing in FTX’s Chapter 11 case was held in Delaware on Tuesday, and a lawyer for the company said an agreement has been reached with the Bahamas to transfer the New York filing to Delaware. When he made the announcement, attorney James Bromley said FTX has received evidence that the property has passed from the debtors’ hands to the Bahamas.

The Commission published its opinion after the first hearing. In it, it stated that it calls for concern that FTX would rely on the statements of individuals who are not reliable sources of information and have the potential for serious compromise.

Statements by other FTX officials about thefts on the exchange’s platform and their system being compromised gave credence to the Bahamian Commission’s swift security measures.



Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

  • FET/USD Price Survives Above $0.0687

    FET/USD Price Survives Above $0.0687

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Join us Telegram channel to keep up to date with the latest news On November 22, the bullish rate skyrocketed to a price of $0.08. However, $0.0687 is the base for Fetch.ai bears; therefore, the bullish price was cut to […]

    Read More

  • Early Bitcoin Pioneer Ian Freeman Goes to Trial in New Hampshire

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Early Bitcoin Pioneer Ian Freeman Goes to Trial in New Hampshire | Coinparative Four of the Crypto 6, including Freeman’s radio host Aria DiMezzo, his ex-girlfriend Renee Spinella and her husband Andrew Spinella, and Nobody (formerly Richard Paul) have entered […]

    Read More