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Court Filing Discloses The Alarm Was Raised By FTX Co-CEO Ryan Salame

According to a Dec. 14 court complaint, FTX co-CEO Ryan Salame informed Bahamian officials on Nov. 9 that the exchange was transmitting its customers’ cash to Alameda Research.

Only three people could make such payments, according to Salame’s statement to the Securities Commission of the Bahamas (SCB). These individuals included co-founder Zixiao “Gary” Wang, director of engineering Nishad Singh, and FTX founder Sam Bankman-Fried.

“The Commission understood Mr. Salame as advising that the transfer of clients’ assets in this manner was contrary to the normal corporate governance and operations of FTX Digital. Put simply, that such transfers were not allowed and therefore may constitute misappropriation, theft, fraud or some other crime.”

Immediately after receiving the information, the financial watchdog took action and on Nov. 10 ordered the freezing of FTX assets. In order to protect the company’s assets, the watchdog also suspended the exchange’s license and named a provisional liquidator.

Salame is presently in Washington, D.C., per the filing.

In the meantime, SBF has been detained by the Bahamas authorities at the US government’s request. He was refused bail because authorities fear he would flee.

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Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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