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FTX Will Recoup $100 Million Withdrawn From 1,500 Bahamian Accounts Before Bankruptcy

FTX’s new executive has revealed that more than $100 million was withdrawn by 1,500 user accounts in the Bahamas during the FTX freeze before bankruptcy.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.

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.

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John Ray said it is not yet clear how much money has actually been withdrawn by Bahamians.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

Victor

Recent Posts

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

19 minutes ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

1 hour ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

1 hour ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

2 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

2 hours ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

3 hours ago

This website uses cookies.