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> Some news reports indicated that Bankman-Fried was still somehow involved, or "assisting", or something. He's not. He has zero authority at this point. https

by btown 4y ago

> Some news reports indicated that Bankman-Fried was still somehow involved, or "assisting", or something. He's not. He has zero authority at this point. https://pacer-documents.s3.amazonaws.com/33/188450/042120648186.pdf https://pacer-documents.s3.amazonaws.com/33/188450/042120648... indicates that SBF continued to have de facto control over company assets even after resigning on November 11, which I would absolutely say fits the definition of "somehow involved." Given that so few of FTX Group's digital assets have been secured, per the OP... it would seem to be unknown how much ability he continues to have to access the company's digital assets. > In addition, in connection with investigating a hack on Sunday, November 13, Mr. Bankman-Fried and Mr. Wang stated in recorded and verified texts that “Bahamas regulators” instructed that certain post-petition transfers of Debtor assets be made by Mr. Wang and Mr. Bankman-Fried (who the Debtors understand were both effectively in the custody of Bahamas authorities) and that such assets were “custodied on FireBlocks under control of Bahamian gov’t”. The Debtors thus have credible evidence that the Bahamian government is responsible for directing unauthorized access to the Debtors’ systems for the purpose of obtaining digital assets of the Debtors—that took place after the commencement of these cases.

Animats 4y ago
Oh, that's a new filing from yesterday. Hadn't seen that one yet. Here's the view from the Bahamas.[1][2] Apparently the government of the Bahamas did attempt, per a court decision there, in getting custody of some digital assets of FTX. The Bahamas have appointed a liquidator. The Bahamas are tougher on bankruptcy than the US is. They are going straight to liquidation, while the US bankruptcy in Delaware is chapter 11, "debtor-in-possession / protection from creditors". This whole thing is likely to go to liquidation soon, since there is no ongoing business worth preserving. There are organized ways of handling international bankruptcies. The Bahamas does not seem to be a party to the main treaty on that. There is, though, an extradition treaty between the Bahamas and the US. [1] http://www.tribune242.com/news/2022/nov/18/bahamas-rebuts-ftx-access-claims-securities-commis/ http://www.tribune242.com/news/2022/nov/18/bahamas-rebuts-ft... [2] https://www.scb.gov.bs/wp-content/uploads/2022/11/Media-Release-SCB-Assumes-Control-of-Assets-of-FTX-Digital-Markets-Ltd.pdf https://www.scb.gov.bs/wp-content/uploads/2022/11/Media-Rele...

by btown 4y ago

Animats 4y ago

Oh, that's a new filing from yesterday. Hadn't seen that one yet. Here's the view from the Bahamas.[1][2] Apparently the government of the Bahamas did attempt, per a court decision there, in getting custody of some digital assets of FTX. The Bahamas have appointed a liquidator. The Bahamas are tougher on bankruptcy than the US is. They are going straight to liquidation, while the US bankruptcy in Delaware is chapter 11, "debtor-in-possession / protection from creditors". This whole thing is likely to go to liquidation soon, since there is no ongoing business worth preserving. There are organized ways of handling international bankruptcies. The Bahamas does not seem to be a party to the main treaty on that. There is, though, an extradition treaty between the Bahamas and the US. [1] http://www.tribune242.com/news/2022/nov/18/bahamas-rebuts-ftx-access-claims-securities-commis/ http://www.tribune242.com/news/2022/nov/18/bahamas-rebuts-ft... [2] https://www.scb.gov.bs/wp-content/uploads/2022/11/Media-Release-SCB-Assumes-Control-of-Assets-of-FTX-Digital-Markets-Ltd.pdf https://www.scb.gov.bs/wp-content/uploads/2022/11/Media-Rele...