According to court documents related to FTX bankruptcy proceedings: , Nov. 9 — two days before the company filed for Chapter 11 bankruptcy protection — FTX co-CEO Ryan Salame told Bahamian authorities that Sam Bankman-Fried (SBF) had transferred client funds to the company Alameda Research. Said he sent the money. A letter Salameh sent to the Bahamas Police Commissioner detailed “potential mishandling of client assets” by SBF.
Court documents show FTX co-CEO Ryan Salame allegedly turned against Bankman-Fried
FTX co-CEO A written account from Ryan Salame details that a former FTX executive may have disclosed Sam Bankman-Fried (SBF) two days before the crypto firm filed for bankruptcy protection. He claimed to have committed fraud.
Officially, Salaam contacted law enforcement officials in the Bahamas and explained that the SBF had sent illegal money transfers to Alameda. The letter was dated November 9, and Salame explained that the client’s funds were used to repay his Alameda “financial losses.”
Court documents detail that the letter from Salameh was first sent to the Bahamas Securities Commission and then distributed to the Bahamas Police Commissioner. The letter was said to have been received by Christina Rohr, executive director of the Bahamas Securities Commission.
Salame said that only three of his FTX executives, SBF, Gary Wang and Nishad Singh, had full access to transfer such funds to Alameda. It is said that he explained that
Additionally, court documents show that FTX’s attorneys have filed charges against the Bahamian government that he ordered the SBF and Gary Wang to issue millions of tokens. increase. There are also accusations that a Bahamian resident said he received special treatment during the fall of FTX.
“From November 10, 2022 to November 11, 2022, he is said to have withdrawn $100 million in virtual currency from 1,500 people.” It is assumed that the ostensible funds used for these withdrawals are from FTX Digital customers.
Salameh also had ties to Bahamian government officials, having been to 80 Acres Farms in Ohio with Bahamian Prime Minister (PM) Philip Davis and other officials of the island nation.
Additionally, Salameh reportedly donated $22 million to Republican politicians for the 2022 midterm election cycle, according to opensecrets.org data. Prime Minister Davis and Mr Salaam were involved in a business involving 80 Acres and its partner Eden Acres. Reportedly, 80 Acres Farms received his $25 million funding from FTX Ventures.
As far as the special relationship between the SBF and the Bahamian government is concerned, island officials say the allegations are “inflammatory and untrue.” Bahamian officials claim he only discussed “bankruptcy proceedings in the Bahamas” with the SBF before the government filed Chapter 11.
What do you think of court documents claiming Ryan Salame, co-CEO of FTX, that he stole SBF before the bankruptcy filing was filed? Let us know your thoughts on the matter in the comments section below.
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