Bahamas Regulators Look Into FTX Client Withdrawals

According to Bloomberg, Bahamas regulators are investigating whether FTX executives were aware of or had a role in client withdrawals that occurred after the exchange’s assets were frozen by authorities.

Sam Bankman-Fried and Gary Wang, co-founders of FTX, are being investigated by regulators and financial crime police to see if they participated in the transactions or had prior knowledge of them.

Investigators interviewed FTX’s former CEO and co-founder Sam Bankman-Fried at his Nassau home several times, according to the report. The investigation attempts to determine if Bankman-Fried and co-founder Gary Wang had knowledge of or involvement in the transactions.

Additionally, authorities in the Bahamas are investigating connections between FTX.com, which is registered as FTX Digital Markets Ltd. in the Bahamas, and sibling trading firm Alameda Research.

Bankman-Fried is scheduled to testify before Congress virtually tomorrow, opting out of an in-person appearance due to an “overbooked” schedule. Besides, Wang and Bankman-Fried are still present in the island nation, and authorities there are keeping an eye on them even if they haven’t been detained.

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