FTX Accuses Bahamas Government of Directing Post-Bankruptcy Asset Transfer
FTX claims in a new court filing that Sam Bankman-Fried moved company digital assets to Bahamian custody after filing for bankruptcy. The exchange argues this alleged unauthorized access seriously complicates the Bahamas' request to lead the liquidation process.
FTX files an emergency court motion claiming it possesses credible evidence that Bahamian regulators direct former CEO Sam Bankman-Fried to gain unauthorized access to company systems after the Chapter 11 bankruptcy filing. The filing states that Bankman-Fried and co-founder Gary Wang transfer digital assets to the custody of the Bahamian government based on these regulatory instructions.
The exchange cites a recent Vox interview where Bankman-Fried expresses extreme frustration with regulators and calls the bankruptcy filing his biggest mistake. This alleged conduct puts serious doubt on a current request by Bahamian regulators to gain recognition as the official liquidators in the ongoing U.S. bankruptcy case.
According to verified text messages included in the Delaware court motion, the transferred assets remain custodied on FireBlocks under the control of the Bahamian government. FTX argues that this post-petition seizure of digital assets by a foreign government directly undermines the integrity of the bankruptcy proceedings.