Batik cryptocurrency lawyers representing US-based companies of the stock exchange FTX, the Bahamas subsidiary of the company FTX He took legal action against Digital Markets (FTX DM). The Americans claim that Bahama-based FTX DM is a shell company used to circumvent the ownership issue.
John Ray’s team is suing the Bahamas JPL (FTX Digital Markets)
Essentially a dispute over who owns the main exchange.
Disappointing they couldn’t have worked this out themselves and are now using creditor money on both sides for pointless lawyer battles. pic.twitter.com/PYKoeTFmEz
— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) March 20, 2023
The government appointed a trustee to the US-operated arm of the FTX exchange following the news of bankruptcy. The team appointed to represent the debtors would like to formally certify in their petition to the court that they also have ownership of other companies operating in the Bahamas.
The executive team and lawyers representing the debtors included the following statements in the petition they prepared:
“FTX DM has not engaged in any economic activity within the main group of the company. The subsidiary in question was used as a tool for misappropriation of corporate funds. Managers aimed to create a way out after defrauding customers.”
FTX’s new management out of court “property interest” demands a decision.
The branch of the sunken cryptocurrency exchange, which first operated in the Bahamas, has been suspended by local authorities. Immediately after the incident, FTX’s American subsidiaries filed for bankruptcy on November 11.
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