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Investigators in the Bahamas are Looking at Whether any “Criminal Misconduct Occurred” as the Collapse of FTX is the Subject to Scrutiny

Investigators in the Bahamas, who are looking at whether any “criminal misconduct occurred” as the collapse of FTX is the subject to scrutiny. Said on Saturday by the Royal Bahamas police.

One of the highest crypto blowups, on Friday FTX filed for bankruptcy, after traders rushed to withdraw $6billion in just 72hours from the platform, and rival exchange Binance abandoned a proposed rescue deal.

“In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred.” The Royal Bahamas police said in a statement on Sunday.

newly appointed FTX’s Chief Executive John J. Ray III said on Saturday that the company was working with law enforcement and regulators to mitigate the problem, and was making “every effort to secure all assets, wherever located.”

Reporting by Tolu; Editing by Tolu

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