Bahamas regulator dismisses claims of asking FTX to mint new tokens


  • United States FTX debtors’ representative has alleged The Securities Commission of The Bahamas asked to mint a significant quantity of new tokens.
  • The Commission has refused all such claims by fighting back against FTX.
  • The Commission has argued that statements by debtors were based on incomplete information.

The claims of FTX debtors have been refused by The Securities Commission of The Bahamas. The latter has also shared that the investigation has been delayed. 

Based on a statement released today, the SCB had to fix material misstatements that were made by the United States FTX debtors’ representative, John J. Ray III, in both press and court filings. 

According to the document, the Commission’s calculations of digital assets moved to digital wallets were publicly challenged by the Chapter 11 debtors under the Commission’s control last year in November. 

The statements were not only based on insufficient details, but the debtors also didn’t do their due diligence by asking for details from the Joint Provisional Liquidators.

The statement also mentioned that John J. Ray III, CEO of FTX, publicly alleged that FTX was instructed by the Commission to mint a considerable quantity of new tokens under a promise made during a court filing before the U.S. House Committee on Financial Services.

According to the Chapter 11 Debtors, the digital assets that are supervised by the Commission in the trust of FTX creditors and customers were stolen and that without giving any validated bases for such claims. 

The Commission shared how the investigation is being compromised by the refusal of Debtors of Chapter 11 in terms of enabling the Court Supervised Joint Provisional Liquidators access to the AWS system of FTX. 

The Securities Commission of The Bahamas expects the Chapter 11 debtors to continue with the matter on a positive note, alongside the best interests of FTX creditors and customers. 

The announcement by the Bahamian securities regulator happened after news from court filings last year in December. At the time, FTX lawyers alleged that the government of the Bahamas requested that Sam Bankman-Fried, the former CEO of FTX, issue a new cryptocurrency supervised by local officials.