FTX collapse being scrutinized by Bahamas investigators

Created By Fintech Team

Investigators in the Bahamas are closely monitoring the FTX collapse.

One of the most high-profile cryptocurrency meltdowns occurred on Friday when FTX filed for bankruptcy. 

This came after traders rushed to remove $6 billion from the platform in only 72 hours  

And a rival exchange, Binance, abandoned a potential rescue deal. 

To conduct a thorough investigation, the Bahamas SEC is collaborating closely with a group of financial detectives from the FCI Branch. 

According to Chief Executive John J. Ray III, the business was collaborating with law enforcement and authorities to address the issue.

Sam Bankman-Fried, the exchange's 30-year-old founder who is known for wearing shorts and a T-shirt, has seen a stunning fall from favor.

Bankman-Fried, a resident of the Bahamas, has also been the focus of rumors regarding his location, which he refuted.