Bahamian court officials scuffled with U.S.-based bankruptcy lawyers over the remains of Sam Bankman-Fried’s crypto empire Wednesday, exacerbating a key tension hanging over the downfall of FTX.
The American legal team has refused to give liquidators appointed by a Bahamian court access to FTX computer systems, claiming securities regulators in the Bahamas cannot be trusted. The lawyers say the Bahamas colluded with Bankman-Fried and his co-founder, Gary Wang, to wrongly access FTX’s system last month and mint new digital coins worth hundreds of millions of dollars.
The sides have traded jabs in recent days through a series of unusually colorful court filings about who can access sensitive FTX data. Bahamian liquidators argued they’re entitled to access to the computer network so they can clean up a locally based subsidiary. Each side has previously argued that it should be leading the hunt for FTX assets to repay creditors. The Americans, on Monday, accused the Bahamas of meddling in their efforts by asking Bankman-Fried and Wong to mint new digital coins and turn them over to Bahamian regulators — all while FTX was imploding.Dorsey held an emergency hearing on the dispute over access to FTX data on Wednesday. A fight over whether to remove the property holding company from the U.S.
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