Thread by @nikhileshde

Good evening folks. Ryan Pinder, the Attorney General of the Bahamas, is supposed to give a live address on FTX. It was supposed to be on Facebook, but hasn't started there yet. I'm watching here: znsbahamas.com/watch-live-2/ #FTX #FTXbankruptcy

https://twitter.com/nikhileshde/status/1596947359581151232

Pinder starts off quickly walking through the last 3.5 weeks, citing @IanAllison123's @CoinDesk report on Alameda Research's FTT holdings. Says only FTX Digital Markets was regulated in The Bahamas, not Alameda #FTX #FTXbankruptcy

@IanAllison123 @CoinDesk Oh it's a prerecord. H/t @tier10k for the find #FTX #FTXbankruptcy

@IanAllison123 @CoinDesk @tier10k "[@SCBgov_bs] was the first regulator in the world to take significant steps with respect to the FTX group of companies," Pinder says #FTX #FTXbankruptcy

@IanAllison123 @CoinDesk @tier10k @SCBgov_bs "It is important for me to share this summary of what took place because over the past few weeks the basic facts have been obscured by guessing games and rumors," Pinder says #FTX #FTXbankruptcy

@IanAllison123 @CoinDesk @tier10k @SCBgov_bs "As with any active inquiry, we seek to share updates in a way that does not compromise or constrain investigators," Bahamas AG Ryan Pinder says. Worth noting here Bahamas regulators have so far refused to respond to reporter inquiries, at least CD ones #FTX #FTXbankruptcy

@IanAllison123 @CoinDesk @tier10k @SCBgov_bs Speaking to crypto at large, Pinder says there's no agreed-upon global standards, says some regulators lack statutory authority #FTX #FTXbankruptcy

@IanAllison123 @CoinDesk @tier10k @SCBgov_bs FTX Digital Markets incorporated in The Bahamas in July 2021, bought properties, sponsoring charitable and community ventures, all while inflation hit broader world Pinder says #FTX #FTXbankruptcy

@IanAllison123 @CoinDesk @tier10k @SCBgov_bs Now on to Terra and how it led to 3AC, Voyager and Celsius. "For a time it appeared that FTX would bail out and acquire the assets of some of these distressed companies, but instead FTX itself could not avoid the cascading failures," Pinder says #FTX #FTXbankruptcy

@IanAllison123 @CoinDesk @tier10k @SCBgov_bs The Bahamas' regulator has taken "a number of proactive measures" but "for the time being we will not set out those measures in any further detail until we are confident that doing so will not jeopardize any aspect of the ongoing investigations," Pinder says #FTX #FTXbankruptcy

1/ "It is extremely regrettable that in chapter 11 filings for bankruptcy protection made in New York last week that the new chief executive of FTX Trading Ltd – not the Bahamas based FTX Digital Markets, but an affiliate company incorporated in Antigua and.." #FTX #FTXbankruptcy

2/ "..Barbuda –misrepresented the timely action taken by the Securities Commission and use inaccurate allegations lodged in the transfer motion they had filed to do so" Pinder says #FTX #FTXbankruptcy

Brief interlude to reassure people that Standard and Poor's "projected a stable outlook for" the Bahamas' economy on belief of no material adverse impact on #FTX #FTXbankruptcy

"Any attempt to lay the entirety of this debacle at the feet of the Bahamas, because FTX is headquartered here would be a gross oversimplification of reality," Pinder says #FTX #FTXbankruptcy

"We have been shocked at the ignorance of those who have served the FTX came to the Bahamas because they did not want to submit to regulatory scrutiny," Pinder says #FTX #FTXbankruptcy

"We do not apologize for our ambition for Bahamians to be at the forefront of this exciting, innovative sector," Pinder says #FTX #FTXbankruptcy

"The actions of the Securities Commission of the Bahamas, which they took on the 10th and 12th of November, where to protect the clients and creditors have FTX digital markets," Pinder says #FTX #FTXbankruptcy

A bit more defending The Bahamas' regulatory regime and Pinder wraps it up. Quick thoughts:
*Very defensive speech
*Doesn't address questions about what exactly
@SCBgov_bs
is doing right now wrt client assets
*No mention of FTX employees or any legal actions TB may take #FTX