'The money is gone': Bahamas tries to turn page after FTX – Drgnews

JANUARY 9, 2023:
NASSAU, Bahamas (AP) — At a recent celebration of Christmas in the Bahamas, Bishop Lawrence Rolle sang about a half dozen songs, mostly Afro-Caribbean gospel songs. But one number stood out Rolle’s social media hit about the sudden collapse of the cryptocurrency exchange FTX. “The money is gone,” Rolle sang repeatedly, a chant echoed by his audience of children and parents. FTX was supposed to be the crown jewel of the Bahamian government’s push to be the global destination for all things crypto. Instead, FTX is bankrupt and Bahamians are trying to figure out what’s next for their country and whether their national experiment to be the world’s foremost crypto hub has failed.
 
JANUARY 3, 2023:
NEW YORK (AP) — FTX founder Sam Bankman-Fried has pleaded not guilty in Manhattan federal court to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform. Bankman-Fried entered the plea Tuesday (Jan. 3, 2023) in his first appearance before a judge who would preside over any trial. He is accused of defrauding investors by illegally diverting massive sums of customer money from FTX to make lavish real estate purchases, donate money to politicians and make risky trades at Alameda Research, his cryptocurrency hedge fund trading firm. Bankman-Fried was released from custody with electronic monitoring two weeks ago to await trial at his parents’ house in Palo Alto, California.
 
DECEMBER 22, 2022, UPDATE:
NEW YORK (AP) — A judge says cryptocurrency entrepreneur Sam Bankman-Fried can post $250 million bond and live in his parents’ home in California while he awaits trial. Bankman-Fried is accused of swindling investors and looting customer deposits on his FTX trading platform. He is expected to be released Thursday (Dec. 22, 2022) after an electronic monitoring device is attached. Assistant U.S. Attorney Nicolas Roos said in U.S. District Court in New York that the 30-year-old Bankman-Fried “perpetrated a fraud of epic proportions.” Magistrate Judge Gabriel W. Gorenstein largely agreed to bail terms proposed by lawyers on both sides.
 
DECEMBER 22, 2022:
NEW YORK (AP) — A federal prosecutor says two associates of Sam Bankman-Fried have pleaded guilty to criminal charges in cooperation deals related to the collapse of the cryptocurrency exchange FTX. U.S. Attorney Damian Williams said Wednesday night (Dec. 21, 2022) that Carolyn Ellison, the former CEO of Alameda Research, a trading firm started by Bankman-Fried, and Gary Wang, who co-founded FTX along with Bankman-Fried, pleaded guilty to charges “related to their roles in the fraud that contributed to FTX’s collapse.” The guilty pleas were announced as Bankman-Fried was being flown to the U.S. from the Bahamas by U.S. law enforcement to answer to charges tied to his role in FTX’s failure.
 
DECEMBER 21, 2022:
NEW YORK (AP) — Sam Bankman-Fried told a Bahamian court Wednesday (Dec. 21, 2022) that he has agreed to be extradited and is expected to be sent to the U.S. later in the day to face criminal charges related to the collapse of cryptocurrency exchange FTX. The former FTX CEO appeared at a Magistrate’s Court and is expected to head to Odyssey Aviation to return to the United States, according to Bahamian news organization Our News. Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government.
 
DECEMBER 20, 2022:
UNDATED (AP)- Sam Bankman-Fried may be ready to come to the U.S. to face criminal charges related to the collapse of cryptocurrency exchange FTX following a chaotic court appearance in the Bahamas. A lawyer for Bankman-Fried was quoted as saying Monday (Dec. 19, 2022) that the disgraced FTX founder has agreed to be extradited to the United States. A court hearing was stopped earlier in the day when his attorneys said it was premature for him to stand before the court. Jerone Roberts, a local defense attorney for Bankman-Fried, told The New York Times that lawyers will prepare the necessary documents for extradition. It was not immediately clear when extradition could occur.
 
DECEMBER 13, 2022:
NEW YORK (AP) — The U.S. government charged Sam Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes on Tuesday (Dec. 13, 2022). Federal prosecutors allege he intentionally deceived customers and investors to enrich himself and others, while playing a central role in FTX’s multibillion-dollar collapse. The indictment says that beginning in 2019 Bankman-Fried devised “a scheme and artifice to defraud” FTX’s customers and investors, diverting their money to pay expenses and debts at his crypto hedge fund, Alameda Research, and to make lavish real estate purchases and large political donations. Separately, the SEC filed civil charges against Bankman-Fried, alleging he defrauded investors and used proceeds to buy real estate for himself and his family.
 
DECEMBER 12, 2022:
NEW YORK (AP) — The former CEO of failed cryptocurrency firm FTX Sam Bankman-Fried has been arrested in the Bahamas at the request of U.S. authorities. That’s according U.S. and Bahamian authorities Monday (Dec. 12, 2022). Bankman-Fried has been under criminal investigation by U.S. and Bahamian authorities following the collapse last month of FTX. The firm filed for bankruptcy on Nov. 11, 2022,when it ran out of money after the cryptocurrency equivalent of a bank run. Bankman-Fried’s arrest comes just a day before he was due to testify in front of the House Financial Services Committee, along with FTX’s current CEO, John Ray III.
 
NEW YORK (AP) — The House Financial Services Committee plans to hold a hearing into the collapse of crypto exchange FTX on Tuesday (Dec. 13, 2022), but its star witness will be missing. Sam Bankman-Fried was scheduled to testify in front of the House Financial Services Committee, along with the company’s current CEO, John Ray III. However Bankman-Fried was arrested in the Bahamas late Monday, and U.S. authorities said they plan to unseal charges against him on Tuesday. FTX filed for bankruptcy on Nov. 11, 2022, when the firm ran out of money after the cryptocurrency equivalent of a bank run.
 
DECEMBER 1, 2022:
NEW YORK (AP) — The former CEO of the failed cryptocurrency exchange FTX says that he did not “knowingly” misuse customers’ funds. He also says he believes his millions of angry customers will eventually be made whole. The comments from Sam Bankman-Fried came during an interview with Andrew Ross Sorkin at conference put on by The New York Times. Bankman-Fried has done a handful of media interviews since FTX collapsed in mid-November, but Wednesday’s (Nov. 30, 2022) was his first video interview since it filed for bankruptcy protection on Nov. 11, 2022. FTX failed in the cryptocurrency version of a bank run.
 
NOVEMBER 25, 2022:
NEW YORK (AP) — The company tasked with locking down the assets in the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far. That’s a fraction of the potential billions likely missing from bankrupt company’s coffers. The numbers were disclosed on Wednesday by cryptocurrency custodial company BitGo, which FTX hired in the hours after the company filed for bankruptcy on November 11, 2022.
 
NOVEMBER 17, 2022:
UNDATED (AP)- The new CEO of the collapsed cryptocurrency trading firm FTX, who oversaw Enron’s bankruptcy, said he has never seen such a “complete failure” of corporate control. John Ray III, in a filing with the U.S. bankruptcy court for the district of Delaware, said there was a “complete absence of trustworthy financial information.” Ray was named CEO of FTX less than a week ago when the company filed for bankruptcy protection and its CEO and founder Sam Bankman-Fried resigned.
 
NOVEMBER 14, 2022:
NEW YORK (AP) — Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world’s first trillionaire. Now the comments about the 30-year-old Bankman-Fried aren’t so kind after FTX filed for bankruptcy protection Friday, leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. Bankfried-Fried himself could face civil or criminal charges. The ultimate impact of FTX’s bankruptcy is uncertain, but its failure will likely result in the destruction of billions of dollars of wealth.
 
NOVEMBER 11, 2022:
NEW YORK (AP) — Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week. FTX Trading said its CEO and founder Sam Bankman-Fried has resigned. FTX, an affiliated hedge fund Alameda Research, and dozens of other companies filed a bankruptcy petition in Delaware on Friday morning (Nov. 11, 2022). FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run, but the deal fell through. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital.
 
NOVEMBER 9, 2022:
NEW YORK (AP) — Bitcoin slumped to a two-year low and other digital assets sold off Wednesday (Nov. 9, 2022) following the sudden collapse of crypto exchange FTX Trading. A day earlier, FTX agreed to sell itself to Binance after experiencing the cryptocurrency equivalent of a bank run. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital. Bitcoin traded around $17,645, and overnight fell to its lowest level since December 2020. Just a year ago, bitcoin hit an all-time high of $68,990. Ethereum, the second most actively traded digital currency, fell 10%. Crypto exchange Coinbase and the online trading platform Robinhood also fell in early trading.
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