Bahamas Police Are Investigating Potential ‘Criminal Misconduct’ by FTX

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Bahamas Police Are Investigating Potential 'Criminal Misconduct' by FTX
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The Securities Commission of The Bahamas, where FTX is headquartered, already froze the exchange’s assets last Thursday and called for a liquidator. 

Now the local police force is involved.

On Sunday morning, the Royal Bahamas Police Force (RBPF) sent this statement to Decrypt: “In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred.”

A spokesperson for the RBPF would not tell Decrypt whether the new investigation is a direct response to the events of Friday night, when more than $650 million in funds left FTX in strange transfers that FTX US general counsel Ryne Miller called “unauthorized.”

Ledger

FTX moved its headquarters last September from Hong Kong to the crypto-friendly Bahamas. Bankman-Fried said at the time that the Caribbean tax haven had more regulatory clarity than the Asian city and was a better spot to do business.

The Bahamas has welcomed crypto businesses, and in 2020 became one of the first countries to release its own central bank digital currency (CBDC), a digital, government-controlled version of its native dollar. 

Bankman-Fried lives locally—reportedly in a mansion with 10 of his friends and colleagues—and told Reuters on Saturday he’s still there, refuting rumors on Crypto Twitter that he was on a plane to Argentina. He was quizzed by Bahamas police on Saturday night, Bloomberg reported and Bahamas police confirmed to Decrypt.

Editor’s note: This is a breaking post and is being updated in real time.

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