SBC Denies Instructing SBF to Mint New Tokens

The claim was made by FTX’s new CEO, John J. Ray III, in a court filing on December 12 and before the U.S. House Financial Services Committee on December 13. Ray had claimed that the Bahamian regulator asked SBF to mint $300 million in new FTT tokens.

SCB issued a press release on January 2, saying that such statements made by Ray are unfounded and have the “impact of promoting mistrust of public institutions” in the Bahamas.

The regulator also addressed other claims FTX Chapter 11 representatives made in court filings concerning its relationship with FTX. SCB said the representative’s recent statements challenging the calculation of FTX’s digital assets transferred to the Commission’s digital wallets on November 12 2022, were based on incomplete information.

“The U.S. Debtors’ continued lack of diligence when making public statements concerning the Commission is disappointing, and reflects a cavalier attitude towards the truth and towards The Bahamas that has been displayed by the current officers of the Chapter 11 Debtors from the date of their appointment by Sam Bankman-Fried,” SBC added.

Recall that on December 29; the securities watchdog announced it took control of $3.5 billion in crypto at FTX Digital Markets for “safekeeping” shortly after the crypto exchange filed for bankruptcy.

Following the announcement, FTX management disputed claims that SCB holds $3.5 billion worth of the exchange’s assets and asked the regulator to “clear up any confusion” about the exact value of the assets it truly holds.

SCB Accuses FTX Representatives of Impeding Investigations

In its latest release, SCB stated that its investigations into FTX are being impeded by the exchange’s Chapter 11 Debtors’ refusal to “allow the Court Supervised Joint Provisional Liquidators access to FTX’s AWS system.”

“The Commission notes that proceedings being conducted by the authorities in relevant jurisdictions should have the dual aim of pursuing justice and ensuring that all customers and creditors of FTX be made whole, with the support and cooperation among supervisory authorities in each country,” the Commission said.

(By William A. Frederick)