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Technology Mobile Entertainment Books Art Business Economy Sports Science Health Terms & conditions Home » FTX teams in US and Bahamas to coordinate crypto recovery efforts | Crypto News
Economy FTX teams in US and Bahamas to coordinate crypto recovery efforts | Crypto News 1 min ago Add Comment by elondonbuzz Written by elondonbuzz
The move resolves a dispute that threatened to recover billions of dollars in lost funds, as the two sides have been at loggerheads since November.
The US-based bankruptcy team of FTX has agreed to coordinate with the liquidators winding down the cryptocurrency exchange’s operations in the Bahamas, resolving a dispute that threatens to recover billions of dollars in lost funds.
In a joint statement Friday, the two sides said they would work to share information, secure property and coordinate claims against third parties.
FTX’s US bankruptcy team has been at odds with Bahamian authorities since November, when competing bankruptcies were filed in the two countries.
The Bahamas Securities Commission initiated winding-up proceedings on November 10 against FTX Digital Markets Ltd, the company’s Bahamas-based unit.
The next day, a US Chapter 11 filing was filed in Delaware involving more than 100 FTX entities, including FTX Trading and cryptocurrency hedge fund Alameda Research.Chapter 11 of the United States Bankruptcy Code is a bankruptcy that is generally filed by companies and involves the reorganization of assets and liabilities.
Bahamian regulators have seized FTX’s assets, which officials say is a means of protecting assets that will eventually be returned to creditors of FTX Digital Markets.
John Ray, who took control of FTX after founder Sam Benkman-Fried resigned in November, had accused Bahamas-based liquidators of colluding with the disgraced founder to undermine the US bankruptcy case and move assets to the Bahamas.
Ray’s lawyers have denied the liquidators’ requests for access to internal systems and Slack and email accounts, saying they did not “trust” the Bahamians with information that could be used to steer assets away from the US bankruptcy team.
Bahamian securities regulators accused Ray of showing a “stubborn attitude to the truth” in his comments about the seizure of Bahamian assets.
The US team has also disputed the amount of seized Bahamian assets, saying they were worth $296 million in November, not the $3.5 billion liquidators estimated.Team USA is now relieved that assets are adequately protected, Friday’s statement said.
Ray said there are still issues to be worked out in the deal with the Bahamian liquidators.Details of the settlement will be filed “soon” in U.S.Bankruptcy Court in Delaware, the statement said Friday.
Ray, one of the liquidators, and the liquidators’ attorneys did not respond to requests for comment.
Bankman-Farid was arrested on fraud charges and pleaded not guilty on January 3.
Ray has said the exchange has lost $8 billion of customer money, adding that the bankruptcy team is focused on recovering assets to repay creditors..
