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$477M FTX ‘hack’ was a Bahamian government asset seizure

marketwatch.com

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Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#191

Post by hef19898 »

citizen4earth wrote: post #190

[dead]

Strong words. You should read the latest filling from FTXs new CEO with Delaware courts. FTXs financial and corporate structure is such a mess, that nobody knows who owns and controlls what. Heck, they even don't know who worked when at which FTX company. So, for the Bahamas, freezing and confiscating assets is prudent thing to do. The crypto will be held in custody until courts, including the Delaware ones, figure out who has what claim on which assets and cash thelat can be recovered from FTXs desintegration. At least those 477 million are easy to locate, much harder to allocate to specific claims so.

Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#192

Post by hef19898 »

legutierr wrote: post #173
davidgay wrote: post #114

Earlier quoted context omitted.

> But does FTX have the right to agree to this? That makes no sense. They are incorporated under Bahamianan law, so that law takes precedence over any contractual agreement. I.e., FTX cannot enter into a contract that declares implicitly or explicitly that they won't follow said law.

FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas. https://en.wikipedia.org/wiki/FTX_(company)

FTX Trading Ltd. has a bunch of legal entities on the Bahamas. As shown in the latest Delaware court fillings. The Bahamas have at least jurisdiction over those legal entities and their assets. That FTX as a whole was unable, and/or unwilling, to keep proper track of accounts, cash and assets across their overly complicated corporate structure is hardly the Bahamas fault.

Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#193

Post by parkingrift »

sigmar wrote: post #187
parkingrift wrote: post #171

Earlier quoted context omitted.

SBF publicly lied about this and called it a hack. If it was all aboveboard why would he have done that?

Did SBF ever say it was a hack? I only saw admins on telegram call it a hack and ftx's US general counsel say it was a hack[1]. [1] second paragraph here: https://www.wired.com/story/ftx-hack-theft-crypto-tracing/

He did. He directly said it was a hack in an interview with Vox.

https://www.vox.com/future-perfect/23462333/sam-bankman-frie...

Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#194

Post by hef19898 »

gruez wrote: post #35
llamataboot wrote: post #9

Earlier quoted context omitted.

SBF straight up said multiple times it was a hack in his leaked talks with a vix reporter many days alter

Considering that SBF was reported to be "under supervision" by the authorities, it doesn't seem too implausible that the Bahamian government showed up to their office and politely requested an employee with access to transfer the funds, and for them to keep their mouth shut.

Agree with all but the last sentence. Because it seems the Bahamas had a legal court order to confiscate assets from a comoany in their jurisdiction.

Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#195

Post by citizen4earth »

hef19898 wrote: post #191
citizen4earth wrote: post #190

[dead]

Strong words. You should read the latest filling from FTXs new CEO with Delaware courts. FTXs financial and corporate structure is such a mess, that nobody knows who owns and controlls what. Heck, they even don't know who worked when at which FTX company. So, for the Bahamas, freezing and confiscating assets is prudent thing to do. The crypto will be held in custody until courts, including the Delaware ones, figure o…

I would agree if the Bahamas government didn't first deny that they ordered SBF to surrender those assets and then only after they were caught by us in the community through tracking the transactions did they formally announce the seizure. Do you not find that a bit coincidental? Why the conversion to ETH? Who authorised it? There was and is no judiciary evidence supporting the Bahamas government's position and the Delaware court has uncovered clear suspicious activity. Why did they lie and then change their story? We must wait to see what come out but a shady blacklisted country managing my money is not acceptable to most of us.

Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#196

Post by dasil003 »

55555 wrote: post #160
manholio wrote: post #112

Earlier quoted context omitted.

It doesn't really matter, FTT is a garbage token forever associated with fraud. Its value is zero and you can print how many you like without hurting anyone.

It matters a lot. Bahamas seizing existing crypto makes sense. Printing more and diluting holders is just bizarre. That would basically be the Bahamas doing a rugpull.

Why are you assuming the Bahamas did the minting?

Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#197

Post by hef19898 »

stefan_ wrote: post #7
booleandilemma wrote: post #4

Good, I'm glad it wasn't SBF or another insider.

Well it seems it was SBF in the bed with the Bahamian government.

Come again? You think he handed it over to the government in exchange for his freedom and share it afterwards? Really? Pretty sure the Bahamas are going to coopertae with, e.g., the Delaware courts in the complex bankcrupcy proceedings that will follow.

Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#198

Post by ohbtvz »

throwaway0x7E6 wrote: post #139
uluyol wrote: post #127

Earlier quoted context omitted.

"Call your friend and convince them to hand over their key if you want out"

"If I ever ask you for the key over the phone, play along and send me random bits and feign ignorance to my further requests"

What's your endgame here? Stay in jail with the satisfaction of knowing that the government didn't take the $500M and nobody can access them anymore?

Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#199

Post by hef19898 »

bmitc wrote: post #50
sanxiyn wrote: post #36

Earlier quoted context omitted.

When exchanges registered in the Bahamas are in danger of losing customers money, Bahamian government has authority and duty to seize assets to protect customers. Bahamian government is taking custody, it's not their money.

Apparently, FTX is registered not in the Bahamas but in Antigua and Barbuda. I learned that recently as well.

And also has legal entities in the Bahamas. Plus, SBF is their himself, so the legal HQ, where decisions are made (an important factor in corporate and tax law) is to an extent yet to be determined by the various courts, the Bahamas.

Re: $477M FTX ‘hack’ was a Bahamian government asset seizure

#200

Post by hef19898 »

orionion wrote: post #101
stefan_ wrote: post #30

Earlier quoted context omitted.

A seizure of funds is certainly not the first step of bankruptcy proceedings. SBF seems to have "fled" to the Bahamas, and he would obviously have the access needed to make the transfer. And as the article says, the Bahamas are trying to get the US Chapter 11 proceedings thrown out arguing their own bankruptcy proceedings have priority. There was also the mystery texts from SBF arguing "Chapter 11 was my biggest mist…

The Bahamian government is overseen by "The Firm"... >The Crown and the Police Force https://en.wikipedia.org/wiki/Monarchy_of_the_Bahamas#The_Cr... The national police force of the Bahamas is known as "The Royal Bahamas Police Force". >The St. Edward's Crown appears on the Bahamian Police's badges and rank insignia, which illustrates the monarchy as the locus of authority. >Every member of the Royal Bahamas Police F…

So, Charles is also in direct control of the Royal Canadian Mounted Police?
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