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News

FTX Will Recoup $100 Million Withdrawn From 1,500 Bahamian Accounts Before Bankruptcy

December 15, 2022 - Around 2 mins mins to read
FTX’s new executive has revealed that more than $100 million was withdrawn by 1,500 user accounts in the Bahamas during the FTX freeze before bankruptcy. The company will do everything possible to recover this amount.
FTX

As updated in an earlier Coincu News article, during the hearings, the CEO of the bankrupt cryptocurrency exchange FTX repeatedly emphasized that the Bahamas government had cooperated with the SBF to reopening withdrawals for locals while the exchange has frozen assets and is filing for bankruptcy. This also caught the attention of the US Congress.

U.S. Representative William Timmons questioned new CEO John Ray as he testified during a congressional committee meeting on Tuesday about the bankrupt crypto firm’s failure to keep records and its recovery. The document revealed a list of approximately 1500 users in the Bahamas who withdrew approximately $100 million through the use of a window of approximately 25 hours between 10 and 11 November.

Some non-Bahamian residents also found a loophole to do so through FTX’s NFT platform when they discovered the platform was still online.

FTX
New FTX CEO John Ray

FTX.com halted withdrawals for the rest of the world at the time, a move Bankman-Fried claims local regulators requested. But they later denied this case.

John Ray said it is not yet clear how much money has actually been withdrawn by Bahamians. However, they will pursue all actions to recover this amount.

“We’ll investigate every potential course of action,(…) certainly pursue every course of action to recover”

He said

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

Coincu News

News

FTX Will Recoup $100 Million Withdrawn From 1,500 Bahamian Accounts Before Bankruptcy

FTX’s new executive has revealed that more than $100 million was withdrawn by 1,500 user accounts in the Bahamas during the FTX freeze before bankruptcy. The company will do everything possible to recover this amount.
FTX

As updated in an earlier Coincu News article, during the hearings, the CEO of the bankrupt cryptocurrency exchange FTX repeatedly emphasized that the Bahamas government had cooperated with the SBF to reopening withdrawals for locals while the exchange has frozen assets and is filing for bankruptcy. This also caught the attention of the US Congress.

U.S. Representative William Timmons questioned new CEO John Ray as he testified during a congressional committee meeting on Tuesday about the bankrupt crypto firm’s failure to keep records and its recovery. The document revealed a list of approximately 1500 users in the Bahamas who withdrew approximately $100 million through the use of a window of approximately 25 hours between 10 and 11 November.

Some non-Bahamian residents also found a loophole to do so through FTX’s NFT platform when they discovered the platform was still online.

FTX
New FTX CEO John Ray

FTX.com halted withdrawals for the rest of the world at the time, a move Bankman-Fried claims local regulators requested. But they later denied this case.

John Ray said it is not yet clear how much money has actually been withdrawn by Bahamians. However, they will pursue all actions to recover this amount.

“We’ll investigate every potential course of action,(…) certainly pursue every course of action to recover”

He said

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

Coincu News