The Bahamas Securities and Exchange Commission has criticized the new CEO of FTX for his statements about the ongoing investigation against the failed cryptocurrency exchange.
In a press release sent to Cointelegraph, the Bahamian regulator did not directly point out the exact statement of John J Ray III with which he has problems, but addressed recent news that the Bahamas government had asked former CEO Sam Bankman-Fried to create a new multi-million dollar token and cede control to them.
The story also alleged that Bahamian officials attempted to help Bankman-Fried regain access to important FTX computer systems. According to US lawyers, Bahamian officials were “responsible for directing unauthorized access” to FTX’s systems to gain control of digital assets under US court supervision.
The securities regulator stated that it was the first regulatory body to crack down on the exchange and its former CEO. In relation to the rumors about the custody of digital assets, the press release noted that the authorities had guaranteed the transfer of potential “blended digital assets” from FTX by order of the Bahamas Supreme Court. The press release said:
“The Commission holds those assets only as a trustee (under Bahamas Law), and they will ultimately be distributed to FTX’s creditors and customers, wherever they may be, in accordance with the court’s direction.”
The Bahamas regulator also criticized Ray for using “redacted electronic correspondence” between officials and Bankman-Fried. The statement claimed that these redactions were designed to create a false impression of the communications and that Ray was fully aware of the entire scenario.
The securities regulator asked Ray and his representatives not to “obstruct the investigation,” and accused the CEO of not first clarifying his concerns with the Commission before saying them publicly.
Bankman-Fried was detained late on December 12 by Bahamian authorities at the request of the US government. A day later, the Securities and Exchange Commission and the Commodity Futures Trading Commission charged Bankman Fried with defrauding US investors.
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