The implosion of the FTX empire is creating huge pain for locals in the Bahamas who treated the now-bankrupt exchange like a bank. Stephane Ouellette of of FRNT financial joins the What Goes Up podcast to discuss the bankruptcy’s effect on the nation
The implosion of Sam Bankman-Fried’s FTX empire dealt a harsh blow to the Bahamas’ ambitions to be a hub for the crypto industry, and it’s causing massive pain for locals who treated the now-bankrupt exchange like a bank.Stephane Ouellette, chief executive of Toronto-based crypto firm FRNT Financial, traveled to the Bahamas to assess the fallout from the collapse.
“FTX was positioning [itself] as a banking alternative, particularly in regions where they operated—like the Bahamas,” Ouellette said. “So there’s even more horror stories of people treating FTX like bank-like infrastructure, and therefore leaving a significant amount of their assets just latent on FTX. Now they can’t get access to them, just like everybody else.
“FTX was positioning [itself] as a banking alternative, particularly in regions where they operated—like the Bahamas,” Ouellette said. “So there’s even more horror stories of people treating FTX like bank-like infrastructure, and therefore leaving a significant amount of their assets just latent on FTX. Now they can’t get access to them, just like everybody else.”
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