FTX Under Investigation for Criminal Activity in the Bahamas

Financial task forces in the Bahamas, where Sam Bankman-FTX Fried’s is based, are collaborating with the local securities authority to determine whether any criminal activity happened.

Following the platform’s abrupt collapse and bankruptcy filing last week, law enforcement in the Bahamas is investigating Sam Bankman-crypto Fried’s exchange FTX.

According to an official notification issued on Sunday, a team from the jurisdiction’s Financial Crimes Investigation Branch is “working closely” with the Bahamas Securities Commission to examine whether any criminal activity occurred.

On Thursday, the Bahamas Securities Commission suspended FTX’s registration and ordered all assets associated with the exchange to be frozen.

Closed down crypto Exchange FTX is also being investigated by the US Securities and Exchange Commission and the Justice Department, and has filed for bankruptcy in the United States.

Crypto markets are displaying a loss on Monday morning at the start of Asian trading hours. As analysts warn that Bitcoin could drop to $10,000, the flagship cryptocurrency is currently trading at $16,090 according to CoinMarketCap data.