Bahamians are allegedly still attempting to make sense of everything after the collapse of cryptocurrency exchange FTX, which had its headquarters on the island nation of Bahamas, while still being upbeat about the future.
Sam Bankman-Fried, the former CEO of FTX, has revealed what truly happened in the days leading up to the company declaring bankruptcy when the exchange only selectively reopened withdrawals for Bahamian users.
Due to liquidity problems, the crypto exchange temporarily stopped all withdrawals on November 8. The exchange reported that it had started to make it easier for Bahamians to withdraw their money the day before it filed for bankruptcy. At the time, it asserted that it complied with the requirements of the nation’s regulators, which led to the removal of millions of dollars’ worth of funds from the exchange.
According to the locals, the sudden collapse of FTX has left a trail of jobless on the 80 square mile New Providence Island, where FTX was situated.
When FTX was operating at full capacity, it reportedly spent more than “$100,000 a week on catering,” and it also established a private shuttle service to take employees about the island. According to the WSJ, FTX also employed a number of native Bahamians in positions related to logistics, event planning, and regulatory compliance.
According to Sam Bankman-Fried “You don’t want to be in a nation with a lot of angry people in it, and you don’t want your company to be incorporated in a country with a lot of angry people either, so I did it because it was essential to the exchange’s ability to have a future”.
Don’t miss: Joint Protocol Litepaper
