FTX’s Sam Bankman-Fried tried to regain control of a bankrupt crypto exchange

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Sam Bankman-Fried, founder of beleaguered crypto exchange FTX, attempted to halt US bankruptcy proceedings in November to transfer his crypto exchange’s assets to foreign regulators.

According to federal prosecutors, Bankman-Fried expected lenient treatment from foreign regulators, eventually allowing him to regain control of FTX.

Last month, the Manhattan Law Office in the United States accused Mr Bankman-Fried of stealing billions of dollars from FTX clients and misleading investors.

Earlier this month, FTX recovered over $5 billion in cash and other liquid assets. Still, the amount of customer losses has yet to be determined, an attorney for FTX told a U.S. bankruptcy court.

Last week, lawyers for Mr. Bankman-Frieds asked a judge to strike bail conditions that barred him from accessing assets held by FTX and his investment firm Alameda, the Wall Street writes. Log.

We are deeply grateful for and care about what the Bahamas has done for us, prosecutors said, Bankman-Fried wrote in the letter. We are also deeply sorry for this mess.

More recently, FTX and its affiliated debtors petitioned the US Bankruptcy Court for the District of Delaware to exclude two of its Turkish subsidiaries, FTX Turkey and SNG Investments, from the pending bankruptcy case.

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This article originally appeared on Benzinga.com

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