Bankrupt crypto trade FTX is underneath felony investigation in The Bahamas #Bankrupt #crypto #trade #FTX #criminal #investigation #Bahamas

New York

Authorities in The Bahamas are investigating likely legal misconduct bordering the stunning implosion of crypto exchange FTX, authorities explained on Sunday.

In a assertion, the Royal Bahamas Police Force verified the investigation into FTX, which is headquartered in The Bahamas.

“In light-weight of the collapse of FTX globally and the provisional liquidation of FTX Electronic Marketplaces Ltd., a staff of economic investigators from the Financial Crimes Investigation Branch are performing closely with the Bahamas Securities Fee to examine if any legal misconduct occurred,” the assertion said.

It’s not distinct which individual component of the swift collapse of FTX authorities are investigating.

Formerly a single of the most dependable brands in crypto, FTX filed for personal bankruptcy on Friday and introduced the resignation of Sam Bankman-Fried, its 30-yr-previous CEO who has lost a fortune in the previous 7 days.

Neither FTX nor a lawyer symbolizing Bankman-Fried responded to requests for comment on Sunday in response to the investigation from authorities in The Bahamas.

FTX moved its headquarters to The Bahamas last year, with Bankman-Fried hailing it at the time as “one of the few locations to set up a thorough framework for crypto.”

Information of the investigation arrives a working day after FTX stated it is investigating regardless of whether crypto belongings ended up stolen. A crypto possibility management agency reported the assets could be truly worth nearly $500 million.

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