Source: news.google.com
This is a weekly feature that will review your week in crypto, blockchain, and Web3, offering insights and analysis. Check out our previous column here.
Normally, the beginning of the year can be slow for news, but the cryptocurrency industry has never followed traditional trends.
On Tuesday, disgraced FTX founder Sam Bankman-Fried pleaded not guilty to eight criminal charges related to the collapse of FTX and Alameda Research in federal court in New York.
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Of course, that’s just one aspect of the myriad of legal troubles Bankman-Fried now faces, as both the SEC and the Commodity Futures Trading Commission are also waiting their turn.
While Bankman-Fried’s predicament in court is likely to continue to grab most of the headlines related to FTX’s dramatic downfall, another intriguing, though probably less newsworthy drama is playing out in the Bahamas.
Over the past few weeks, both Bahamian regulators and FTX’s new management have issued statements disputing each other’s stake in the company’s assets, among other interesting topics.
The main issue of contention centers on money transferred to the Bahamas Securities and Exchange Commission after FTX filed for bankruptcy in November.
The commission said that it received $3.5 billion in assets from FTX at the time (obviously, it would be a smaller number now considering the state of the crypto market).
However, FTX management has disputed that assessment, saying that the seized assets were worth around $296 million at the time.
The commission has already accused FTX’s new CEO, John J. Ray III, of “key misstatements” as he tries to clean up the exchange’s mess for debtors.
In the commission’s most recent press release, it accused FTX’s new management of “lack of diligence” in making public statements and having “an arrogant attitude toward the truth and toward the Bahamas.”
The statement also disputed what it said were public statements made by Ray alleging that the commission instructed FTX to mint up to $300 million worth of FTT tokens.
While it’s true that no one knows for sure what this new year will bring, it’s almost certain to have plenty of FTX-related headlines, intrigue, and lawsuits.
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