{"id":1790866,"date":"2022-12-30T14:48:14","date_gmt":"2022-12-30T19:48:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1790866"},"modified":"2022-12-30T14:48:22","modified_gmt":"2022-12-30T19:48:22","slug":"bahamas-holding-3-5-billion-of-ftxs-cryptocurrency-for-safekeeping","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bahamas-holding-3-5-billion-of-ftxs-cryptocurrency-for-safekeeping\/","title":{"rendered":"Bahamas Holding $3.5 Billion Of FTX\u2019s Cryptocurrency For \u2018Safekeeping\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbahamas-holding-3-5-billion-of-ftxs-cryptocurrency-for-safekeeping%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1790866&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>The Bahamas government seized $3.5 Billion <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> Assets belonging to FTX (the defunct exchange that was once led by) <a href=\"http:\/\/dailywire.com\/topic\/sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">Sam Bankman-Fried<\/a>, after the company\u2019s collapse.<\/p>\n<p>FTX file for <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankruptcy<\/a> Users discovered last month that the venture was tied to sister firm Alameda Research. Both were run by Bankman Fried and other amateur business leaders. The entrepreneur was <a href=\"https:\/\/www.dailywire.com\/news\/breaking-democrat-megadonor-sam-bankman-fried-arrested-in-bahamas-faces-criminal-charges-in-u-s\" target=\"_blank\" rel=\"noopener\">detained<\/a> Authorities in the island country, where his companies are headquartered, were informed earlier this month. <a href=\"https:\/\/www.dailywire.com\/news\/u-s-law-enforcement-takes-sam-bankman-fried-into-custody-report\" target=\"_blank\" rel=\"noopener\">extradited<\/a> The United States<\/p>\n<p>A <a href=\"https:\/\/www.scb.gov.bs\/wp-content\/uploads\/2022\/12\/SCB-seeks-court-direction-Press-Release-29Dec22-Final.pdf\" target=\"_blank\" rel=\"noopener\">statement<\/a> The Securities Commission of The Bahamas confirmed that this agency was indeed authorized. \u201ctook the action of directing the transfer of all digital assets\u201d managed by the company, amounting to $3.5 billion in cryptocurrencies, to government-controlled digital wallets \u201cfor safekeeping\u201d Reports of possible cyberattacks started to circulate. The transfer was made on November 12, one day after FTX filed for bankruptcy.<\/p>\n<p>Agency still holds the assets \u201con a temporary basis\u201d The Bahamian Supreme Court will decide how assets should be divided until that time. An earlier <a href=\"https:\/\/twitter.com\/scbgov_bs\/status\/1593395137786171393\" target=\"_blank\" rel=\"noopener\">statement<\/a> The Securities Commission of The Bahamas published a statement on November 17 that confirmed that assets owned FTX had been seized. However, the amount was not disclosed at the moment.<\/p>\n<p>John Ray III is the current CEO at FTX. He is a bankruptcy attorney and manages the company&#8217;s assets distribution to customers and investors. <a href=\"https:\/\/www.dailywire.com\/news\/lawyer-overseeing-ftx-fallout-never-in-my-career-have-i-seen-such-a-complete-failure\" target=\"_blank\" rel=\"noopener\">court documents<\/a> He had never seen it before. \u201csuch a complete failure of corporate controls and such a complete absence of trustworthy financial information\u201d Throughout his career, including the management of Enron&#8217;s collapse. He <a href=\"https:\/\/www.dailywire.com\/news\/attorney-overseeing-ftx-bankruptcy-testifies-before-congress-grossly-inexperienced-people-ran-company-went-on-5-billion-spending-binge\" target=\"_blank\" rel=\"noopener\">told<\/a> House Financial Services Committee members that he is mitigating \u201cto the greatest extent possible\u201d Former associates of the defunct firm suffered harm.<\/p>\n<p>According to a judicial filing, Damien Williams, United States Attorney for Southern District of New York, has indicted Bankman Fried of conspiracy to wire fraud, conspiracy, commodities fraud, conspiracy, money laundering, conspiracy and conspiracy to defraud Federal Election Commission, and campaign finance violations. <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/united-states-attorney-announces-charges-against-ftx-founder-samuel-bankman-fried\" target=\"_blank\" rel=\"noopener\">press release<\/a> From the Justice Department. The sentence could see the disgraced entrepreneur spend up to 115 years in prison.<\/p>\n<p>Bankman-Fried&#8217;s current position is below <a href=\"https:\/\/www.dailywire.com\/news\/the-4-million-california-home-where-sam-bankman-fried-is-spending-his-house-arrest\" target=\"_blank\" rel=\"noopener\">house arrest<\/a> at his parents\u2019 estate in northern California, which is worth $4 million and includes amenities such as a gated pool and a lawn lined by palm trees. The former financier\u2019s $250 million bond is secured by his parents\u2019 equity in the property.<\/p>\n<p>Bankman-Fried was the subject of controversy, despite being accused of fraud and trying to manipulate American consumers using mass-market advertising. <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx\" target=\"_blank\" rel=\"noopener\">contributing heavily<\/a> He was the sixth-largest overall donor to Democratic campaigns and he emerged as the sixth largest overall donor in the latest midterm elections. Two years ago, he was the second-largest donor for the Biden campaign.<\/p>\n<p>The Senate Majority PAC raises money for Democrats running for election to the upper chamber. <a href=\"https:\/\/www.dailywire.com\/news\/democrats-say-they-will-return-3-million-donated-by-ftx-executives\" target=\"_blank\" rel=\"noopener\">returned<\/a> Bankman-Fried, Nishad Singh (director of engineering at FTX) combined donated $3 million. As bankruptcy lawyers try to recoup funds, the Democratic National Committee as well as the Democratic Senatorial Campaign Committee (DSC) and the Democratic Congressional Campaign Committee have made similar promises to return fraudulent donations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government of the Bahamas seized $3.5 billion of cryptocurrency assets belonging to FTX, the defunct exchange formerly led by Sam Bankman-Fried, after the company\u2019s collapse. FTX filed for bankruptcy last month after users learned that the venture was intertwined with sister firm Alameda Research; both were controlled by Bankman-Fried and other amateur business leaders &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1785022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[12576,12578,7654,12577,6202,7175,4611,6195],"class_list":["post-1790866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-safekeeping","tag-3-5","tag-bahamas","tag-cryptocurrency","tag-daily","tag-ftxs","tag-holding","tag-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1790866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1790866"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1790866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1785022"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1790866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1790866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1790866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}