Lawyers for the bankrupt crypto exchange FTX will square off in court on Wednesday to fight a demand for internal records from an insolvent affiliate based in the Bahamas as the two wrestle over scraps of the once high-flying business.
FTX, its hedge fund Alameda Research and dozens of affiliates filed for U.S. bankruptcy last month after the trading platform suffered a rush of withdrawals and a rescue deal failed. John Ray, who was appointed as chief executive of the bankrupt FTX, told a Congressional committee that the Bahamian government colluded with Bankman-Fried to help account holders in the country pull $100 million from the crypto exchange just as it was going bankrupt.
The Securities Commission of The Bahamas disputed Ray's"misstatements" about the Bahamian government's response to FTX's collapse.
Source: News Formal (newsformal.com)
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