Sam Bankman-Fried (SBF) and crypto firm FTX suffered a shocking drop. Now, Bankman-Fried is awaiting trial behind bars in the Bahamas. However, there are different lawsuits against the SBF in the USA. In the indictment of the CFTC accusing the SBF, it was revealed that he called 3 cryptocurrencies ‘commodities’. Meanwhile, a warning came from the Bahamas as the new FTX CEO testifies.
CFTC: These 3 cryptocurrencies are commodities!
Sam Bankman-Fried, one of the crypto industry’s biggest stars, has barely finished 2022. FTX was once one of the largest crypto exchanges, valued at $32 billion. However, cryptocoin.comAs you follow, it declared bankruptcy in November. In the process, he caused his unlucky customers and investors to be unable to withdraw their money.
Sam Bankman-Fried has now been arrested in the Bahamas following US criminal charges. accusations; electronic fraud, securities fraud, money laundering and violations of campaign finance laws. In addition, the Securities and Exchange Commission accused Bankman-Fried of defrauding stock investors. The Commodity Futures Trading Commission (CFTC) is also making charges against him. It turned out that the CFTC classified Bitcoin (BTC), Ethereum (ETH) and Tether as “commodities” in the SBF indictment.
Bahamas warns “not to block” while FTX CEO testifies
The Bahamas securities regulator has accused new FTX CEO John J. Ray III of obstructing an investigation into the collapsed crypto firm. To that extent, he angrily reacted to what he described as “false statements” made by the managing director of FTX. In a statement circulated as Ray presented evidence to the U.S. House of Financial Services Committee, the Bahamas Securities Commission noted that Ray was more interested in making headlines rather than cooperating as a dispute over rival bankruptcy proceedings deepened.
“There are material misstatements made by John J Ray III,” the regulator said in a statement. It does not reflect reality. “Instead, it seems to be just trying to make headlines and advance questionable agendas.” The statement added that the filings were “designed to create a false impression” of communications between former FTX boss Sam Bankman-Fried and the Commission.
A court filing by FTX on Monday says that “Bankman-Fried and Gary Wang have been in close and frequent contact with the Commission and the Attorney General throughout the week” regarding the crypto company’s collapse in early November. The file cites an email sent to Attorney General Ryan Pinder in which Bankman-Fried said he would allow the Bahamas to withdraw its assets. Ray’s files “continue to falsely confuse” the Bahamas government, the Commission and court-approved liquidators, the Commission said in a media statement.
Also, the lawyers had a disagreement over how to liquidate Bankman-Fried’s sprawling empire. Bahamian authorities and ex-employees request access to FTX IT systems. It also says that Bahamas villas purchased for FTX staff were unfairly included in bankruptcy proceedings that began in Chapter 11.
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