The Bahamas’ financial regulator defended its treatment of FTX, in the face of criticism over alleged 'unauthorised' transfers.
for Chapter 15 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.
That filing fell under “foreign proceeding” law, meaning the assets and affairs of the debtor are under the control of a foreign court. FTX’s Bahamas division had been placed into provisional liquidation by the SCB on Nov. 10.the bankruptcy case to Delaware earlier this week. Yet tensions between those now running FTX and authorities in the Bahamas remain.
In the transfer request filing, FTX said it had “credible evidence that the Bahamian government is responsible for directing unauthorized access to the Debtors’ systems for the purpose of obtaining digital assets of the Debtors — that took place after the commencement of these cases,” thus calling the Chapter 15 proceeding into “serious question.”
The SCB said in its latest statement that it is “concerning that the Chapter 11 debtors chose to rely on the statements of individuals they have characterized as unreliable sources of information and potentially ‘seriously compromised.’” © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.By signing-up you agree to our
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