According to Reuters, both parties are expected to meet later today, December 14, in an emergency hearing, according to Reuters. Therein, the liquidators of FTX’s Bahamian arm, FTX Digital Market, will ask John Dorsey, the Bankruptcy Judge overseeing the case in the US, to authorise the release of specific sensitive data of FTX’s U.S. unit to them.
According to Reuters, the data includes recordings from Slack, Google, and Amazon Web Services accounts. However, the US party does not welcome the request. The attorneys had asked the Bankruptcy Judge to deny the request on the grounds that the Bahamian authorities had previously attempted to conspire with Sam Bankman-Fried to move funds out of the businesses in the US jurisdiction.
FTX’s CEO: “There is no transparency in the process in the Bahamas”
In the Congressional hearing on Tuesday, the current chief executive officer of FTX, John Ray, told lawmakers that the Bahamian regulators planned with Bankman-Fried to withdraw about $100 million for the Bahamian users during the periods leading up to the exchange’s bankruptcy declaration on November 11.
“Unlike the Chapter 11 process, there is no transparency in the process in the Bahamas. We have repeatedly asked them for clarity on what they’ve been doing, and we’ve been shot down on that,” Ray argued.
On the other hand, the Bahamian authorities refuted Ray’s claims as “misstatements,” adding that all inappropriate distributions made to Bahamian users would be clawed back.
SBF Was Denied Bail
In other news, Sam Bankman-Fried has been arrested in the Bahamas following the request of the US authorities. Earlier, the legal team made a petition for SBF to be released on $250,000 bail. However, the request was turned down by a Bahamian judge. SBF reportedly awaits extradition to the United States, where he faces multiple charges from law enforcement agencies in the country.
See related article:
What Media Has Sam Bankman-Fried Invested in Other Than The Block? Here Is a List
Bahamian AG and Prime Minister Announce Sam Bankman-Fried’s Arrest in the Bahamas
Sam Bankman-Fried Blames CZ For The FTX Collapse
~ By Ibiam Wayas ~
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