PLP chairman says FTX collapse won’t hurt Bahamas’ future

Denying concerns raised about the collapse of crypto giant FTX and concerns that it could harm the Bahamas, Foreign Affairs Minister Fred Mitchell said yesterday that the future of the Bahamas will never be threatened by FTX. said no.

In a voice memo to party supporters, Progressive Liberal Party (PLP) Chairman Mitchell said, “I saw an article in the Wall Street Journal yesterday and I think it was.

“The reporter set the tone with serious words with a serious background and well, you thought, doom and gloom, the skies are falling on The

Bahamas. As you know, we have a well-regulated jurisdiction.

“The sky is not falling. There is no doom and gloom. Our future will never be threatened by the collapse of FTX. Not for a minute.”

This is Mitchell’s second voice note to party supporters dismissing the FTX issue.

The Davis administration laid the red carpet for FTX and its former CEO Sam Bankman-Fried when it launched operations in the Bahamas last year.

Prime Minister Philip Davis officially launched the FTX and Salt crypto conference in Baha Mar earlier this year. Various ministers and the Chairman of the Bahamas Securities Commission participated in panel discussions during the conference.

The US division of the company is currently bankrupt in the United States. Bahamas-based FTX Digital Markets, the hub of operations, is in liquidation in the Bahamas.

“There must be an undisputed liquidator,” Mitchell said.

Brian Sims, KC, the Supreme Court-appointed liquidator, said he worked for the same company as one of the Securities Commission’s directors, and regulators oversee the FTX investigation, thus creating a conflict of interest. When asked if he thought in the Bahamas, he did not answer.

Mitchell said he was “fascinated” by what the local press considered important.

He said the local and international media were “all robbed” of the cryptocurrency giant’s demise.

“The local press wanted to know if PLP was getting money from FTX,” Mitchell said.

“I said to them, ‘No, we didn’t.’ They didn’t believe me, so I went to the leader and he said no to them too. I checked, but what I really wanted to tell them was, “It’s not your fancy job.”

“The only thing unusual about this FTX problem is the scale of the collapse,” Mitchell said.

“Yes, there are business collapses and frauds every day. [and] Compulsory and voluntary liquidations take place daily, some in the Bahamas,” he said.

Almost a million people lost their money due to the FTX collapse. The company owes his top 50 creditors more than $3 billion. It also purchased a property in the Bahamas for approximately $300 million. This property could be sold during US bankruptcy proceedings.