The Bahamas Securities Commission has reignited the ongoing feud with FTX’s new management.
The Bahamas Securities Commission (SCB) issued a statement late on January 2 to correct the “material misrepresentations” of John Ray III, who was appointed CEO of FTX following the resignation of founder Sam Bankman-Fried in November. Fierce discussions between officials in the Bahamas and FTX’s new management have carried over into the new year.
Release from Bahamas Editor to New Management of FTX
The Bahamas Securities Commission said John Ray III’s latest statements about his actions were baseless and based on incomplete information.
In its statement, SCB stated that it was particularly disturbed by three points; Ray’s statements challenging the calculation of the value of digital assets transferred to his custody on Nov. 12, Ray’s claims that the regulator has ordered FTX to issue $300 million of new FTT tokens, and statements suggesting that FTX assets held by the SCB have been stolen.
It was further stated that the objection to his calculations was based on incomplete information, that his claims that he had ordered the printing of FTT were unfounded and that the theft claims were made without providing any proven basis for such claims.
The statement made by the SCB also included the following:
“The continued carelessness of US Borrowers in making public statements regarding the Commission is disappointing and reflects the arrogant attitude towards reality and the Bahamas displayed by current officials of Chapter 11 Borrowers since their appointment by Sam Bankman-Fried.”
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