FTX Ceo Reportedly DETAINED By Bahamian Authorities For Questioning

By Mark Whittington | Wednesday, 16 November 2022 05:15
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The collapse of FTX, the cryptocurrency corporation, and the overnight wiping out of billions of dollars of wealth has rocked the financial world.

The fact that the company’s CEO and two other officials of FTX were in the Bahamas preparing to flee to Dubai has raised alarms in law enforcement circles.

According to a report by The Post Millennial, “Sam Bankman-Fried, the former CEO of the collapsing cryptocurrency company FTX, along with two others associated with the company, director of engineering Nishad Singh and co-founder Gary Wang, are ‘under supervision’ in the Bahamas after the trio reportedly were planning on fleeing to Dubai.”

The report also explains, “According to Cointelegraph, ‘Right now three of them, Sam, Gary, and Nishad, are under supervision in the Bahamas, which means it will be hard for them to leave.’” As it turns out, even if the three had made it to Dubai, they might not have escaped the long arm of the law.

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The report continues, “Dubai is a city in the United Arab Emirates that, prior to February 24, 2022, had no extradition treaty with the United States. However, as of that date, the two countries signed a mutual legal assistance treaty which does permit extradition.” The collapse of FTX was as sudden as it was inevitable. It turns out the cryptocurrency company was as much a pyramid scheme as the scam operated by Bernie Madoff.

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The Post Millennial also reported, “The multi-billion dollar cryptocurrency company FTX, run by CEO Sam Bankman-Fried, the second biggest Democrat donor right after George Soros, collapsed last week as details emerged regarding their financial practices, which led to a run by customers on FTX. FTX did not have the funds to pay out.”

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“‘FTX is under investigation by the U.S. Securities and Exchange Commission (SEC) regarding the management and handling of client funds. With this latest development, FTX has more questions to answer as scrutiny builds around the SEC investigation,’ Cryptoslate reported.”

“Roughly $5 billion was withdrawn from FTX on Sunday. The trouble began for FTX last week when rival crypto company Binance said they were selling off their holdings of FTT, the proprietary coin of FTX. After Binance’s comments, FTX was in financial trouble and essentially sought a bailout from other firms, Binance among them.”

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The Street reports that Bankman-Fried has not yet been arrested. However, “Three U.S. regulators, the SEC, the CFTC and the Department of Justice have also opened investigations into FTX.”

Besides Bankman-Fried’s donations to Democrats, another connection to the Biden Administration exists. As per The Post Millennial, “Details have emerged that FTX had partnered with Ukraine to process donations to their war efforts within days of Joe Biden pledging billions of American taxpayer dollars to the country.”

No doubt, more details will emerge in the coming days.

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