Apart from the charitable spending I don't see much of an impact on the Bahamian economy. Doubtful much in taxes were paid outside the real estate transactions. Mostly one-off payments to people who weren't and won't be hurting.

Okay, I was wondering why a lawyer was being put in the role where an accountant should be.

As for FTX, it's a shame. I hope many Bahamians didn't lose money but those who did are probably mostly the most wealthy and politicians who thought they had a clear inside to the biggest thing in the Bahamas.

That's why I was sceptical about investing in Bitcoin and cryptocurrencies because I know the value of those things are always fluctuating.

You can't "invest" in magical Internet beans. The whole thing is a scam, their house of cards is collapsing.

Still as your trusted of comrades, I must highlight how the RedPart's two significant mouthpieces Thee Mr. Minnis and sidekick Pintard have reportedly now living in 'self silence imposed exile' on all FTX bankruptcy matters,

Just as FTX in **September 2019,** had fled the old colony of Hong Kong for our still a colony.

What you think were **the deciding roots** behind their sudden Hong Kong exit — Yes?

Pie in the sky.

***Correction: FTX exited Hong Kong in September 2021.**

Bahamas-based VC fund "commits" USD 75 mln to Romanian startup ZoidPay

04 November 2022

Romanian "blockchain technology and crypto liquidity startup" ZoidPay, which aims to become "the largest open source Web 3.0 architecture platform in the world," attracted a USD 75 million investment from GEM Digital Limited ("GEM"), a Bahamas-based investment firm "focused on the area of blockchain and cryptocurrencies," Ziarul Financiar announced.

ZoidPay, the leading Web 3.0 architecture provider, has secured an investment commitment of USD 75 mln from digital asset investment firm GEM Digital Limited ("GEM"), the official press release reads, though.

Superficial investigations on the GEM digital asset investment firm reveal, however, what this investment in the metaverse actually is, and whether one should or not put their money into the coins or tokens ZoidPay will most likely soon issue. The answer is: better "commit" but rather not pay, if possible.
Bahamas-based GEM Digital Limited has "committed" billions of US dollars over the past several months to such ambitious projects - nothing wrong here. But in contrast to the most funding news, in which an investment institution directly announces an actual investment in a project, GEM Digital is basically announcing that it "is issuing an investment commitment," influential crypto blog Wu-talk.com explains.

In brief, such "investment commitments" are primarily aimed at increasing awareness among investors hoping for stellar profit rates derived from trading coins and tokens.

"In other words, GEM Digital's investment agreement is more like a cooperation and sharing agreement, where both parties sign a so-called huge investment agreement, create good news in the market, and then collaborate to make profits and share them," explains Colin Wu in an article dated July (since then, GEM has "committed" more hundreds of millions of dollars).

In the crypto world more than in other investment universes, the meme stories filled with buzzwords are gold ("developing the go-to open architecture for building the next generation of financial services, scaling the first on-demand Metaverse, facilitating the first-ever bank acquisition by a blockchain firm, and launching a Web 3.0 super App" - this is what ZoidCoin plans to achieve). The scheme resembles the digital version of the gem scam - a confidence trick usually performed against tourists in Thailand, where the targets are convinced to buy fake gems (startups) at a discount by building confidence through fake third-party (venture funds) testimonials.

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ZoidPay might genuinely plan to become "by the end of the first quarter of 2023, the biggest Web 3.0 architecture provider in the world," and there's no reason to doubt their good faith - but this is still a big promise. And, if successful, this means there would be nothing left to be achieved by Elrond Network - which also promises to deliver the MultiversX project, through which it wants "to create a global ecosystem that integrates the concepts of metaverse, Web3 and blockchain."

In separate news, Ziarul Financiar published a warning note from the Romanian Financial Supervising Authority (ASF) that points to the increasing financial criminality in the new crypto-world. ASF warns potential investors that using the services of an unauthorized entity will not entitle them to compensation through the Investor Compensation Fund.

Regarding virtual currencies, ASF reiterates that they are not considered financial instruments, as they are defined by Law no. 126/2018, so that entities issuing virtual currencies, their trading and the platforms on which they are traded do not fall under the Authority's supervision.

iulian@romania-insider.com

Would remove the scary implosion if bankruptcy trustee liquidator King's Counsel Comrade Brian Simms, was to put the colony's popoulaces' at ease by assuring all that **neither the National Insurance Board, Bank of Bahamas, Sovereign Fund nor any other government identity** have sunk millions into BTX crypto currencies'?  

As scary to some extent **is the blanket FTX silence imposed** by the King's Official Opposition leaderships, House-seated Members and Upper Red Chamber  Members.

**From bad governance to being a lousy running to hide government-in-waiting** — Yes

FTX Declares Bankruptcy and Sam Bankman-Fried Resigns in Latest Crypto Blowup
Kyle Barr

Sam Bankman-Fried announced he was stepping down as CEO from his crypto exchange FTX. RIP FTX. The company announced Friday morning that they were starting Chapter 11, AKA reorganizational bankruptcy proceedings. In addition, CEO Sam Bankman-Fried’s other crypto firm, Alameda Research and Weste Realm Shires Services, which is also known as FTX.US, are also tangled up in the proceedings.

The 30-year-old supposed wunderkind Bankman-Fried, once considered one of the top minds in the crypto sphere, also announced he was vacating his chair as CEO, and that John Ray III is stepping up as head honcho. According to the official press release, “Many employees of the FTX Group in various countries are expected to continue” during the bankruptcy proceedings.

As of now, most FTX users were still unable to withdraw their funds from the exchange. In the release, Ray said “stakeholders should understand that events have been fast-moving and the new team is engaged only recently,” though he did promise every stakeholder they will go forward with “thoroughness and transparency.” That’s probably not much comfort for the thousands of FTX users who had millions of dollars in crypto stored on the FTX exchange.

How did this all start? A report from CoinDesk made it clear that FTX had been effectively printing money using its own FTT crypto token to prop up Alameda Research, Bankman-Fried’s own crypto trading firm. A Thursday report from The Wall Street Journal clarified that FTX had used customer’s money to fund their own trading endeavors. Of the $16 billion customer assets under FTX’s control, Bankman-Fried reportedly leant half of that amount over to Alameda so it could engage in risky crypto investments. Throughout 2022, Bankman-Fried had been propping up other failing crypto firms and buying up the assets of failed ventures like Voyager and Celsius.

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Once its rival crypto exchange Binance dumped its stock of FTT, the price of the exchange’s native coin plummeted, resulting in FTX faceplanting into a multi-billion dollar hole that it has not been able to pull itself out of.

It’s gone from bad to worse for what was once the third-largest crypto exchange by market cap. Late on Thursday, the Bahamas, where FTX was based out of, announced its Securities Commission had frozen all of FTX’s assets. According to an official release, the country also suspended the company’s official registration.

“The Commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research. Based on the Commission’s information, any such actions would have been contrary to normal governance, without client consent and potentially unlawful,” the Securities Commission wrote.

Bankman-Fried has put the blame on his own shoulders, saying “I fucked up, and should have done better.” He also said he overestimated the margins for how much users had on FTX. As much as he might be placing the blame on himself, that still won’t stop the U.S. Department of Justice and The Securities and Exchange Commission from investigating whether FTX’s lending products were securities, and whether the exchange broke any laws.

BlockFi is Caught Up in FTX’s Failure
Just like the collapse of the Terra stablecoin seven months ago, the calamity befalling the once-hailed crypto exchange FTX is set to take down multiple leaders of the crypto lending space. Late on Thursday, crypto lending platform BlockFi announced they were halting withdrawals.

The company tweeted they were keeping all crypto on their platform “until there is further clarity” from the ongoing collapse of once-billionaire Sam Bankman-Fried’s crypto firms FTX and Alameda Research. The company also begged users to not do any more crypto deposits on their BlockFi wallets until they could somehow, some way, sort out this mess.

“We, like the rest of the world, found out about this situation through Twitter,” the company wrote.

In its second quarter earnings report, BlockFi said they had $3.9 billion in client assets housed under their roof, though of course the price of crypto fluctuates so rapidly it’s hard to tell just how much crypto might be squirreled away. An unnamed source with knowledge of the matter told Bloomberg that BlockFi was working to move its assets over to FTX for custody, though the majority hadn’t yet been transferred. The company had also given loans to Alameda, though the source did not specify how much.

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Earlier during this ongoing crypto winter, BlockFi cut 20% of its staff from all parts of its company. Later that same month, FTX handed the exchange $250 million in credit to keep itself afloat. At the time, FTX’s CEO Bankman-Fried said his company was “partnering” with BlockFi “so they can navigate the market from a position of strength.” In a Twitter thread, he further elaborated that BlockFi was acting preemptively to gain new cash flows “before it was necessary.”

A Few Crypto Folks Considered Propping Up FTX
Binance and its CEO Chenpeng Zhao were originally set to buy out FTX, but after looking at its rival’s balance sheets and apparently smelling something not quite right, Binance tanked the deal. Justin Sun, the founder of Tron and its cryptocurrencies such as TRX JUST, then stepped up to potentially prop up the failing company. Sun told Bloomberg on Friday that they might be ready to provide a multi-billion dollar influx of aid to help the beleaguered FTX.

Sun had already struck a deal with FTX that allowed its token holders to withdraw their funds to external wallets, even though the exchange is still ostensibly closed to withdrawals. Earlier this morning, Tron’s tokens were selling at an enormous premium on FTX as users worked to get their tokens off the sinking ship that is Bankman-Fried’s prized exchange, according to a report from CoinTelegraph.

The crypto market is a complete and utter scam. A giant ponzi scheme. Anyone claiming to be a crypto promoter is guaranteed to be a scammer. Run away. Run away as fast as possible.

Please ....... Someone speak some sense into John Rolle's ear.

You can't get rid of our 242 coins, paper cash and checks. Just look at this crap called crypto currency.

Bahamians don't trust or want that.

@Comrade SheepRunner12, what's with your reason be attempting to align our colony's **Sand Dollar,** alongside the stench of FTX"s crypto, who unlike our own colony does also **mines** its own sea waters **Biscuit Dollar,** of which you should take note of, are both backed by our Central Bank and Foreign Reserves Fund.

You just can't make up a Sand and Biscuit Dollar— Yes?

TalRussell, I didn't mention the Sand Dollar.

But based on what you and I have seen since it was introduced into Exuma, is this digital currency being embraced by Bahamians?

Whether it is NP or islands that don't have banks?

Come on Tal, what say you?????

@Comrade SheepRunner12, surely during at least one of your frequenting conversations with your Long Island's, stillHouse-seated MP, must've come up as to why the imposed blanket code of silence **over past 5+ days or so,** so as not to get the entire RedParty's leadership any more than it done has been dancing with **2021's** initial negotiations which was to eventually result in the PLP's brungin' FTX to its **new colony**, all the way from out of the UK's former colony of Hong Kong?

Maybe needed more time to attempt to **wash overboard,** those Reds, most FTX blemished?

You tell me— Yes?

Nov.13/22 @ 12.36 AM.
Sources are asking if the Bahamian Liquidator Brian Simms was aware that special interests individuals and some employees since bankruptcy, mysteriously were allowed to access their Bahamian crypto accounts to withdraw **$7+ million from their FTX Bahamian accounts** -- Yes?