Many hidden scams are coming out as Bankman-Fried came into the limelight because of stealing and misleading their consumers and investors. FTX has disputed into an argument for wrong claims with the security commission of Bahamas. The issue was the cryptocurrency holdings. The bankrupt cryptocurrency exchange assets hold $3.5 Billion declared by Bahamas regulators.
On the other hand, the FTX states that when the commission seized our company’s digital assets in November, they were worth just $296 million. FTX is urged and requisitioned to clear up the confusion about the asset’s holdings and value.
As they requested, the regulator began investigating the matter—the inception of liquidation proceeds against FTX Digital Markets Ltd. FTX later said FTX DM is a local service company that does not own the FTX.com exchange or any other cryptocurrencies seized.
This Thursday, SCB stated that the asset holding was worth $3.5 billion, and they were holding these funds to repay FTX’s customers and other creditors. However, SCB failed to identify the type of cryptocurrency they seized and how they valued it.
Further, FTX was dissatisfied with the answers given by SCB and made one legit argument. This Friday, FTX said most of the seized cryptocurrency came from the FTX token worth $167 million.We assume that SCB cannot find a buyer for such a large stake even at that lower price.
To their surprise, SCB did not respond immediately to the comment. The moment FTX tied up with Bahamas regulators, the odd value was higher, and for some reason, they found some issues. They asked for help from SCB for bankruptcy protection on November 11. In safeguarding, the Bahamas regulators have asked the credentials to look into some documents, for the purpose of protection. In the process, the FTX’s U.S. cryptocurrency team felt ditched and could not trust them anymore.
FTX became bankrupt, and both the founder and co-founder are in custody for performing fraud. They are expected to be arraigned on 3 January 2023 before the plea with the U.S. Federal Court, Manhattan, where the district judge was Lewis Kaplan. In addition, FTX’s new chief executive John Ray has said that the exchange lost $ 8 Billion of customer’s money.
- Published By Team Australia News
