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SBF reveals what was behind FTX's reopening of withdrawals in the Bahamas

Published on

January 30, 2023
Read Time:3 Minute, 25 Second

Former FTX CEO Sam Bankman-Fried has revealed what was actually occurring within the days main as much as the chapter submitting, when the trade selectively reopened withdrawals – for Bahamian customers solely.

In a cellphone interview with crypto blogger Tiffany Fong on Nov. 16, Bankman-Fried claims he made the choice to reopen withdrawals to Bahamian residents as a result of he did not need himself or the trade in a rustic "with a number of indignant individuals" about it ."

"The explanation I did it was as a result of it was essential to the trade to have a future as a result of that is the place I am at proper now and you do not wish to be in a rustic with a number of indignant individuals and you don't need your organization is to be enlisted in a rustic with many indignant individuals,” he mentioned.

Bankman-Fried claims he gave Bahamian securities regulators a "one-day heads-up" that FTX would achieve this, however mentioned the regulator did not reply with a "sure or no" earlier than lastly deciding to permit withdrawals.

“Realistically, it sucked, however [...] The trail for FTX included the Bahamas not being mad at it.”

The now-defunct crypto trade initially halted all withdrawals on Nov. 8 on account of liquidity points.

On November 10, only a day earlier than submitting for chapter, the trade famous that it had begun facilitating withdrawals of Bahamian funds. On the time, it claimed that it complied with the necessities of the nation's regulators -- leading to hundreds of thousands of {dollars} price of funds being withdrawn from the trade.

Nevertheless, the Securities Fee of The Bahamas (SCB) threw a wrench into FTX's account, stating on Nov. 12 that it had neither directed nor licensed FTX to prioritize withdrawals from Bahamian clients.

Additionally they warned that any withdrawal of funds may very well be clawed again as a part of the corporate's liquidation proceedings.

Cointelegraph contacted SCB to substantiate if they'd obtained communication from FTX forward of the trade's withdrawals reopening and what their response was on the time. The SCB didn't react instantly.

Audio from my first interview with Sam Bankman-Fried. SBF talks in regards to the chapter, the alleged "again door", donations to the Democratic Get together, cash laundering rumors in Ukraine, the hack, Alameda's margin place on FTX, utilizing FTT as collateral and extra. https://t.co/qVfUv6dhww

— Tiffany Fong (@TiffanyFong_) November 29, 2022

In his most up-to-date interview with Fong, Bankman-Fried denied that the transfer was to facilitate withdrawals by people inside FTX, after Fong indicated that it was considered that approach.

"Oh, these weren't insider withdrawals, this was an try to create a regulatory pathway for the trade."

SBF was on the path of the FTX hackers

The previous FTX CEO additionally famous through the Nov. 16 interview that he was on the verge of discovering the id of the FTX hacker who allegedly stole over $450 million price of property shortly after the trade went public on Nov. 11 filed for chapter.

“I do not know who precisely as a result of they blocked all entry to the programs midway by way of once I combed by way of it. I narrowed it right down to eight individuals. I do not know which one it was, however I've a reasonably good intuition."

Bankman-Fried mentioned he believes it was "both an ex-employee or somebody put in malware on an ex-employee's pc someplace."

Associated: "I by no means opened the code for FTX": SBF spoke lengthy and albeit with Vlogger

In a separate, more moderen interview with Axios' Sam Bankman-Fried on Nov. 29, the previous FTX CEO revealed that he solely has round $100,000 in his checking account immediately.

And that is even though Bankman-Fried was price an estimated $26 billion at its peak.

Bankman-Fried claims he tied up "principally every little thing" on the now-bankrupt agency.

"I imply, I don't know. I dont know. I had $100,000 in my checking account final time," he mentioned.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 30, 2023
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