Cointime

Cointime

Download App
iOS & Android

The Bahamas and US Attorneys at Conflict Over Control of FTX’s Data

Validated Media

According to Reuters, both parties are expected to meet later today, December 14, in an emergency hearing, according to Reuters. Therein, the liquidators of FTX’s Bahamian arm, FTX Digital Market, will ask John Dorsey, the Bankruptcy Judge overseeing the case in the US, to authorise the release of specific sensitive data of FTX’s U.S. unit to them.

According to Reuters, the data includes recordings from Slack, Google, and Amazon Web Services accounts. However, the US party does not welcome the request. The attorneys had asked the Bankruptcy Judge to deny the request on the grounds that the Bahamian authorities had previously attempted to conspire with Sam Bankman-Fried to move funds out of the businesses in the US jurisdiction.

FTX’s CEO: “There is no transparency in the process in the Bahamas”

In the Congressional hearing on Tuesday, the current chief executive officer of FTX, John Ray, told lawmakers that the Bahamian regulators planned with Bankman-Fried to withdraw about $100 million for the Bahamian users during the periods leading up to the exchange’s bankruptcy declaration on November 11.

“Unlike the Chapter 11 process, there is no transparency in the process in the Bahamas. We have repeatedly asked them for clarity on what they’ve been doing, and we’ve been shot down on that,” Ray argued.

On the other hand, the Bahamian authorities refuted Ray’s claims as “misstatements,” adding that all inappropriate distributions made to Bahamian users would be clawed back.

SBF Was Denied Bail

In other news, Sam Bankman-Fried has been arrested in the Bahamas following the request of the US authorities. Earlier, the legal team made a petition for SBF to be released on $250,000 bail. However, the request was turned down by a Bahamian judge. SBF reportedly awaits extradition to the United States, where he faces multiple charges from law enforcement agencies in the country.

See related article:

 What Media Has Sam Bankman-Fried Invested in Other Than The Block? Here Is a List

Bahamian AG and Prime Minister Announce Sam Bankman-Fried’s Arrest in the Bahamas

SBF Charged With Conspiracy, Wire Fraud, Money Laundering by Justice Department, Securities Violations by SEC

Sam Bankman-Fried Blames CZ For The FTX Collapse

~ By Ibiam Wayas ~

FintruX Network FintruX Network $0.00
+1.19%
Bahamas SBF FTX
Comments

All Comments

Recommended for you

  • A Total of 37,212.18 DMD Permanently Burned Over the Past 7 Days

    July 9, 2026 — According to the latest on-chain data released by DMDAO, a total of 37,212.18 DMD has been permanently burned over the past seven calendar days through the protocol's predefined trading and wealth management burn mechanisms.

  • Whale Transfers 1,133 BTC to Coinbase Prime, Valued at $71.48 Million

    According to Onchain Lens monitoring, a whale transferred 1,133 BTC from Coinbase to Coinbase Prime through an intermediary wallet, valued at $71.48 million.

  • U.S. AI Chip Stocks Decline Before Market Open, Intel Falls Over 3%

    On July 7, U.S. AI chip stocks experienced widespread declines before the market opened. Intel dropped over 3%, while AMD, Qualcomm, and NXP fell more than 2%. TSMC, Broadcom, and Tesla decreased by over 1%, and NVIDIA declined by 0.7%.

  • China's Central Bank Increases Gold Reserves for the 20th Consecutive Month

    As of the end of June, China's gold reserves stood at 75.44 million ounces (approximately 2,346.446 tons), an increase of 480,000 ounces (about 14.93 tons) from the end of May, which reported 74.96 million ounces (approximately 2,331.52 tons). This marks the 20th consecutive month of gold accumulation.

  • China's Foreign Exchange Reserves in June at $341.6262 Billion

    On July 7, China's foreign exchange reserves for June stood at $341.6262 billion, a decrease of $26 billion from the end of May, representing a decline of 0.75%, with expectations set at $343.2 billion.

  • U.S. Storage Stocks Drop Pre-Market, SanDisk and Micron Down Over 4%

    On July 7, U.S. storage concept stocks collectively fell in pre-market trading. Western Digital dropped over 5%, SanDisk and Micron Technology fell over 4%, Seagate Technology declined over 3%, Rambus fell over 2%, and SMI fell over 1%.

  • U.S. Stocks in Optical Communication Sector Drop Pre-Market

    On July 7, stocks in the optical communication sector of the U.S. market collectively fell pre-market. Astera Labs dropped over 4%, while Marvell Technology, Credo Technology, and AXT Inc. fell more than 3%. Tower Semiconductor, MaxLinear, Corning, Applied Optoelectronics, GlobalFoundries, Lumentum, and Qorvo all declined by more than 2%. Coherent, Nokia, Amphenol, and Broadcom dropped over 1%.

  • Pre-market Decline in U.S. Storage Stocks

    In pre-market trading, U.S. storage concept stocks experienced a widespread decline, with Micron Technology falling by 4.8%, SanDisk dropping over 4%, Corning down more than 2%, and Intel decreasing by over 3%.

  • Two Departments: Support for Reinsurance Institutions to Increase Capital and Issue Supplementary Capital Tools

    On July 7, the National Financial Supervision and Administration Bureau and the Shanghai Municipal Government released several measures to accelerate the construction of the Shanghai International Reinsurance Center. Among these measures, they proposed to enhance the quality and efficiency of the reinsurance industry, support reinsurance institutions in increasing capital and expanding shares, and issuing supplementary capital tools to improve the capacity for internal capital accumulation and external capital supplementation, thereby strengthening the reinsurance industry's capabilities. The initiative aims to guide the insurance industry to focus on major national projects, strategic emerging industries, and livelihood security, consolidating insurance and reinsurance underwriting capabilities to enhance risk protection levels. It also supports reinsurance institutions in leveraging their professional technical advantages to assist the insurance industry in reducing risk.

  • Sources: Saudi Arabia Plans to Expand Oil Pipeline to Red Sea, Increasing Capacity by 2 Million Barrels Daily to Bypass Strait of Hormuz

    On July 7, five informed sources revealed that Saudi Arabia is considering expanding the crude oil pipeline capacity to its western coast on the Red Sea, allowing Saudi Arabia and its neighbors to transport more oil without passing through the Strait of Hormuz. This east-west pipeline, built in the early 1980s, has gained strategic importance since the outbreak of the Iran war in February and the disruption of shipping in the Strait of Hormuz. The pipeline can deliver up to 7 million barrels of crude oil per day to the Red Sea port. The CEO of Saudi Aramco stated in May that approximately 2 million barrels are supplied to west coast refineries, while about 5 million barrels are for export. Sources indicate that Saudi Arabia is in preliminary discussions with some neighboring countries regarding the pipeline expansion, aiming to add about 2 million barrels of pipeline capacity per day. It remains unclear whether Aramco's planned expansion involves upgrading existing infrastructure or constructing new pipelines. One source mentioned that the expansion plan also includes a smaller refined oil pipeline. Two sources indicated that the expansion scale could range from 1 million to 2 million barrels per day, with refined oil also being considered. Another source stated that the project would take several years and cost billions of dollars, requiring adjustments to Saudi crude pricing mechanisms.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company