cryptonews: A legal battle between FTX's new management and Bahamian regulators is increasingly turning into an angry media battle 🤯
A legal battle between FTX's new management and Bahamian regulators is increasingly turning into an angry media battle in which accusations of bad faith and playing fast and loose with the truth are beginning to fly.
There are a couple of major areas of dispute, most notably control of the bankruptcy process, with the SCB's court-appointed liquidators arguing that the company was actually run from The Bahamas, where Bankman-Fried and his top lieutenants lived. The filing also accused Bahamian regulators of "stonewalling" and said it was "reckless in the extreme" in valuing the assets seized at $3.5 billion. FTX management believes that refers to a cache of the failed exchange's native FTT tokens. A current market value puts them at $167 million, but in practice they may be unsellable. FTT tokens were the collateral that Alameda put up when it borrowed billions from FTX.
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