FTX Investigation Gets Interesting: New CEO Targets Criticism!

Bahamas Attorney General, FTXHe said the new CEO of .

Bahamas Attorney General and Chief Legal Officer Ryan PinderFTX new CEO John Ray III He said it was extremely regrettable that he misrepresented the timely action taken by the Securities Commission and used inaccurate claims.

Bahamas Attorney General Takes Hard on FTX’s New CEO

He also defended the steps taken by the country’s regulators in the wake of the stock market crash.

In his national speech on Facebook Live on Sunday night, Pinder urged all international authorities to be at least as prudent and restrained in their public comments as we are, so as not to harm the ongoing proceedings.

Tensions are running high between officials in the Bahamas and FTX’s new administration. The Bahamas Securities Commission (SCB) noted this week that it has made angry and false claims about FTX’s new CEO, John Ray III’s treatment of FTX.

After freezing FTX assets, SCB said on November 12 that it seized the assets of FTX Digital Markets and transferred all of its assets to a digital wallet under its control. FTX Digital Markets is the Bahamas-based subsidiary of FTX Trading.

In his speech, Pinder emphasized that “the speed with which the Securities Commission has moved is remarkable by any standard.”

“The temporary liquidation of FTX Digital Markets was not sufficient to protect the company’s customers and creditors,” he said.

“Therefore, the Securities Commission has secured the assets of FTX Digital Markets on behalf of and for the benefit and return of FTX customers and creditors,” he said.

Pinder also added that since FTX is headquartered in the Bahamas, trying to pin this whole fiasco on the Bahamas would be an oversimplification of reality.

*Not investment advice.