They filed for bankruptcy and yet they are not cooperating?
Probably Bahamas Govt. is done with the explanation of SBF or lose a lot of money as well and the only way to get them is to hack or get access to the system. SBF have to cooperate if there’s no anomaly with FTX, the government is just concern about the cases and issues against FTX, but hacking should not be the word because its like telling someone to hack the system and let other users suffer.
Topic: Bahamas Govt. Ordered FTX to Transferred Funds to Government Wallet - page 2. (Read 384 times)
November 18, 2022, 04:59:25 PM
November 18, 2022, 03:34:37 PM
I honestly do not believe this. Bahamas government wouldn't need to do something shady like this, they could ask people to invest their money there with low tax rate anyway, to get attention from USA in a bad manner would mean some coup could be on the way very quickly, we all know how USA loves to do coups and this would be a great reason for them, war hawks would be in love with the idea too.
I think they ordered SBF and get the remaining money to put it in their holdings. Maybe to safeguard it or something, and so it was not a hack after-all
I am 100% sure that Bahamas would rather keep away from this, offer low tax rate, and get money that way, and would just live a comfortable life. Why not take just 1% of hundreds of billions of dollars from the wealthy Americans and live a king’s life that way without any problems at all.
You can read it here:Bahamas Securities Regulator Says It Ordered FTX Crypto Transferred to Government Wallets .
And it's already in major social media sites, so 100% sure that they are already involved in this messed. Probably SBF is in their country, not sure why he is, but report says that he has planned to put a headquarters there but it didn't materialized.
November 18, 2022, 11:18:01 AM
"Hack" is quite a weird word to use in this case. Would it technically be a "hack" if SBF had access to FTX's back-end system in the first place?
This was my exact thought. The media is trying to make it seem like he’s not just some bitch thief who got caught stealing and is doing what any bitch does, give up everything to try and save himself. Let’s be honest… He didn’t hack anything. He had access to the funds and the Bahamian government said you can go to prison or you can give us all the money in your exchange, so he gave up all the money so he could go home instead of a cell. He’s not some brilliant hacker. He’s a con artist that took bleeding heart liberals for a ride.
November 18, 2022, 10:54:12 AM
I honestly do not believe this. Bahamas government wouldn't need to do something shady like this, they could ask people to invest their money there with low tax rate anyway, to get attention from USA in a bad manner would mean some coup could be on the way very quickly, we all know how USA loves to do coups and this would be a great reason for them, war hawks would be in love with the idea too.
I am 100% sure that Bahamas would rather keep away from this, offer low tax rate, and get money that way, and would just live a comfortable life. Why not take just 1% of hundreds of billions of dollars from the wealthy Americans and live a king’s life that way without any problems at all.
I am 100% sure that Bahamas would rather keep away from this, offer low tax rate, and get money that way, and would just live a comfortable life. Why not take just 1% of hundreds of billions of dollars from the wealthy Americans and live a king’s life that way without any problems at all.
November 18, 2022, 03:37:56 AM
Was the word "hacked" used by more news media or does it imply that the owners of the platform refused to comply with the bankruptcy application?
The case has now entered into counts, and I did not think that the Bahamas had regulatory powers that would enable it to force the owners to transfer or withdraw money.
Let's continue the details, although I think that the solution to the problem may take years.
The case has now entered into counts, and I did not think that the Bahamas had regulatory powers that would enable it to force the owners to transfer or withdraw money.
Let's continue the details, although I think that the solution to the problem may take years.
November 18, 2022, 03:16:19 AM
This is all over Twitter now. Different media already released this too.
And that's a reason to bring all that clickbait fake stuff here too?
This is the motion:
https://pacer-documents.s3.amazonaws.com/33/188450/042120648186.pdf
Quote
In addition, in connection with investigating a hack on Sunday, November 13, Mr. Bankman-Fried and Mr. Wang stated in recorded and verified texts that “Bahamas regulators” instructed that certain post-petition transfers of Debtor assets be made by Mr. Wang and Mr. Bankman-Fried (who the Debtors understand were both effectively in the custody of Bahamas authorities) and that such assets were “custodied on FireBlocks under control of Bahamian gov’t”.
The Debtors thus have credible evidence that the Bahamian government is
responsible for directing unauthorized access to the Debtors’ systems for the purpose of obtaining
digital assets of the Debtors—that took place after the commencement of these cases. The appointment of the JPLs and recognition of the Chapter 15 Case are thus in serious question. It Case 22-11068-JTD Doc 22 Filed 11/17/22 Page 5 of 11 {1368.002-W0069002.} appears that the automatic stay has been flaunted, by a government actor no less. This is no time to be arguing over venue
The Debtors thus have credible evidence that the Bahamian government is
responsible for directing unauthorized access to the Debtors’ systems for the purpose of obtaining
digital assets of the Debtors—that took place after the commencement of these cases. The appointment of the JPLs and recognition of the Chapter 15 Case are thus in serious question. It Case 22-11068-JTD Doc 22 Filed 11/17/22 Page 5 of 11 {1368.002-W0069002.} appears that the automatic stay has been flaunted, by a government actor no less. This is no time to be arguing over venue
So beyond all the buzzwords to gain likes, the story is pretty simple.
The government didn't trust FTX will keep the assets under control and decided to force them to move all the funds into a custodian under their control, not under FTX's control.
Seriously, edit the title!
November 18, 2022, 02:44:57 AM
As I have suspected, but let's be clear here, I don't think that Hack is the correct semantics here.
Second, why did SBF didn't object to this, what is store for him if he follow the Government of Bahamas and move the amount to a wallet that they have control, moving SBF out of the picture.
As days passes, this cases became so weird, with so many personalities, really hard to believed which one is telling or which has some narrative behind.
Second, why did SBF didn't object to this, what is store for him if he follow the Government of Bahamas and move the amount to a wallet that they have control, moving SBF out of the picture.
As days passes, this cases became so weird, with so many personalities, really hard to believed which one is telling or which has some narrative behind.
November 18, 2022, 12:57:39 AM
If I understand correctly, This is just an speculation and no official statement coming from bahamas government that they indeed command this. Why they need to order SBF to hack it while SBF is the CEO. They should just order SBF to freeze all the wallets on FTX if the intention is for just safekeeping of assets.
This is a very shady conclusion and this illegal since they are robbing customers outside there jurisdiction. They should keep the funds inside FTX and not from exterior wallet which FTX doesn't have access.
This is a very shady conclusion and this illegal since they are robbing customers outside there jurisdiction. They should keep the funds inside FTX and not from exterior wallet which FTX doesn't have access.
In another article I read, FTX was hacked and SBF confirmed it was done by the company's own employees. It can be said that the news related to SBF and FTX is really a lot and confusing, we still can't confirm what is the most accurate reason for all these series of events.
FTX is very difficult to return investors' money, so even if we find out the truth, we will never demand justice for investors. My concern now is that like Dokwon, SBF and his girlfriend, all 3 should be properly punished for causing serious business consequences.
November 18, 2022, 12:46:56 AM
This is a perfect example of why crypto and centralized exchanges don’t go well together. So many people thought they owned Bitcoin when they didn’t and those who owned Ethereum had it handed to authorities from a single individual. I’m not a huge fan of DeFi but decentralized exchange solutions and self custody need to be more popular somehow.
November 18, 2022, 12:20:33 AM
If I understand correctly, This is just an speculation and no official statement coming from bahamas government that they indeed command this. Why they need to order SBF to hack it while SBF is the CEO. They should just order SBF to freeze all the wallets on FTX if the intention is for just safekeeping of assets.
This is a very shady conclusion and this illegal since they are robbing customers outside there jurisdiction. They should keep the funds inside FTX and not from exterior wallet which FTX doesn't have access.
This is a very shady conclusion and this illegal since they are robbing customers outside there jurisdiction. They should keep the funds inside FTX and not from exterior wallet which FTX doesn't have access.
November 18, 2022, 12:14:05 AM
"Hack" is quite a weird word to use in this case. Would it technically be a "hack" if SBF had access to FTX's back-end system in the first place?
November 17, 2022, 11:12:49 PM
Yes I heard this news and I find it hard to believe. Because why didn’t he just send the funds to the governments wallets instead of moving all the assets to different Defi networks and dumping it all for dai.
There is also the issue with slippage. Since he was selling massive amounts with poor liquidity he got bad fills and lost tons of money this way. A very bad action on the governments part.
But at least these funds are safe.
There is also the issue with slippage. Since he was selling massive amounts with poor liquidity he got bad fills and lost tons of money this way. A very bad action on the governments part.
But at least these funds are safe.
November 17, 2022, 08:20:53 PM
This is all over Twitter now. Different media already released this too.
The Bahamas Government takes over all FTX assets for "safekeeping", so one of the top Ethereum holders that is labeled before as an FTX Hacker when there was around more than $300m total of assets flew out from FTX wallets.
So for me, is this good news or bad news if it's true that the Bahamas government already got these funds from FTX?
Is this even legal action by the Bahamas Government?
This is a very roller coaster event right now on cryptocurrency.
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