In a new development to FTX's case, the company filed a new motion, which it presented to the Bankruptcy Court in Delaware, which claims that Sam Bankman-Fried allegedly transferred digital assets to the Bahamian government. The executive did this during the time FTX was filing for bankruptcy, taking the company's digital assets with him to the Bahamas.
Allegedly, Bankman-Fried gained assistance from Bahamian regulators who suggested this transfer of funds for him, also gaining "unauthorized access" to FTX's systems.
Sam Bankman-Fried Allegedly Took Digital Assets from FTX
According to CNBC, a new motion from FTX suggest that a grievous turn of events took place from the time after the company filed for bankruptcy in courts. Here, the company's statement suggests that Sam Bankman-Fried, its former CEO, has allegedly "unauthorized access" to FTX's systems to transfer its digital assets to the Bahamian government.
The case centers on Bahamian regulators acting as liquidators in this bankruptcy case within the company, during a crucial time in its existence.
Moreover, FTX's motion claimed that the Bahamian government had hands in this unauthorized access as well, gaining the Debtor's digital assets and transferring them to under Bankman-Fried's conspirators.
Read Also : FTX Might Have Kept in Touch With More than One Million Creditors Involved in the Bankruptcy Case
Bankman-Fried Took these Funds to the Bahamas
The motion also stated an interview by Vox with Sam Bankman-Fried, which has the CEO explaining what happened amidst these problems and expressing his contempt against these regulators. The alleged digital assets are now under FireBlock's custody, one which is allegedly controlled by the Bahamian government which is also a part of these transfers.
FTX's Bankruptcy and Sam Bankman-Fried
Sam Bankman-Fried was one of the up-and-coming young professionals and billionaires in the industry, especially with his massive stake and leadership over the famed digital trading company, FTX. However, due to unfortunate events, both Bankman-Fried and FTX faced bankruptcy, resulting in the former CEO's massive loss of his $16 billion fortune.
This is one of the most surprising cases in the crypto industry now, especially as the Bahamas-based company is one of the most famous cryptocurrency companies in the world.
Shortly after the company's bankruptcy news, the famous CEO also gave up his post and resigned as the company's chief officer, leaving it without its leader amidst these times.
Of course, this event stirred up pots and the public perception of what is happening to FTX, especially as some have massive funds and digital assets which are under the company's possession.
Now, the course of events on FTX's bankruptcy case is taking a new turn, especially with the massive accusation against Bankman-Fried for transferring the digital assets of the company to the Bahamian government. Nevertheless, it is a massive dispute against this struggling company, with their former leader abandoning the ship, allegedly with their assets.
This article is owned by TechTimes
Written by Isaiah Richard
