The Bahamas attorney general dismisses FTX’s new CEO’s “inaccurate allegations”

The entire crypto-verse witnessed the downfall of the FTX empire. While several blamed Sam Bankman-Fried, a few others went on to call out the Bahamas for not overseeing the exchange. The firm’s new CEO was one among them as he suggested that the government ordered “unauthorized” transactions. However, speaking up about the same, the country’s attorney general Ryan Pinder dismissed CEO John Ray III’s claims.

Appearing on Facebook live, Pinder during a national address pointed out that FTX’s new CEO had “misrepresented the timely action taken by the Securities Commission and used inaccurate allegations.” He noted how the CEO’s remarks were rather “intemperate and inaccurate allegations.”

Just when the collapse of FTX came to light, the Bahamas was one of the first countries to freeze the exchange’s assets. The Securities Commission of the Bahamas [SCB] transferred all the frozen assets to a wallet that was in its control. Lauding this move, Pinder added, “the speed of which the Securities Commission was able to move was remarkable by any standard.”

Pinder went on to defend the Bahamas by saying,

“Any attempt to lay the entirety of this debacle at the feet of the Bahamas, because FTX is headquartered here, would be a gross oversimplification of reality.”

Here’s how the Bahamas is investigating the downfall of FTX

Along with the SCB, the country’s Financial Intelligence Unit along with the police’s Financial Crimes Unit is expected to investigate the “facts and circumstances” of FTX’s insolvency case.

Further elaborating on its current probe against the troubled platform, Pinder said,

“We are in the early stages of an active and ongoing investigation. It is a very complex investigation.”

While several lauded the Bahamas for taking swift action with regard to FTX, a few others like the firm’s new CEO and attorneys were condemning the government. Users of the platform continue to live in uncertainty.