FTX’s CEO is charged with using offshore funds following bankruptcy

FTX’s CEO is charged with using offshore funds following bankruptcy

The cryptocurrency exchange claims Sam Bankman-Fried was given access to assets in the Bahamas without authorization.

According to court testimony from the defunct cryptocurrency exchange FTX, Sam Bankman-Fried, the company’s former CEO, transferred digital assets to Bahamas regulators shortly after declaring bankruptcy.

In a shocking emergency court filing on Thursday, FTX asserted that Bankman-Fried was given orders by the Bahamas government to gain “unauthorized access” while detained.

Millions of dollars in cryptocurrency reportedly continued to be removed from FTX wallets over the weekend through a back door in the Bahamas, even though thousands of customers have been denied access to their money.

In the filing, Bankman-Fried expressed contempt for regulators in an interview that was published by Vox on Wednesday.

He said in the interview, “F**k regulators. They make everything worse. They offer no protection at all for customers.

He said, “You know what was probably my biggest single f**k up.” chapter eleven

A request by regulators in the Bahamas for recognition as liquidators in the bankruptcy is “seriously called into question” by the alleged conduct, according to a motion filed by FTX in the US Bankruptcy Court in Delaware.

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