{"id":516087,"date":"2022-11-26T01:08:59","date_gmt":"2022-11-25T22:08:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/trouble-in-the-bahamas-following-ftx-collapse-report\/"},"modified":"2022-11-26T01:08:59","modified_gmt":"2022-11-25T22:08:59","slug":"trouble-in-the-bahamas-following-ftx-collapse-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/trouble-in-the-bahamas-following-ftx-collapse-report\/","title":{"rendered":"# Trouble in the Bahamas following FTX collapse: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ab70518ee7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ab70518ee7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/trouble-in-the-bahamas-following-ftx-collapse-report\/#%E2%80%9D_Trouble_in_the_Bahamas_following_FTX_collapse_Report_%E2%80%9C\" >&#8221; Trouble in the Bahamas following FTX collapse: Report   &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Trouble_in_the_Bahamas_following_FTX_collapse_Report_%E2%80%9C\"><\/span>&#8221; Trouble in the Bahamas following FTX collapse: Report   &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZmUwZjU0NGYtMTkxMi00MTI0LWJiOGUtZGFkYmFmNzQ3YTNlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>Following the collapse of crypto exchange FTX, which was headquartered in the island nation of Bahamas, Bahamians are reportedly still trying to find a way to make sense of everything, while remaining optimistic about the future.\u00a0<\/p>\n<p>According to a report by the WSJ, the island nation \u2014 which <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/crypto-firm-ftx-landed-in-the-bahamas-with-a-bang-and-now-the-bahamas-is-picking-up-the-pieces-11669326455\">encouraged<\/a> cryptocurrency companies to feel at home with their \u201ccopacetic regulatory touch\u201d \u2014 has been rocked by the implosion of FTX.\u00a0<\/p>\n<p>The Bahamas, which was also hard hit by hurricane Dorian in 2019 and the pandemic shortly afterward in 2020, was already struggling to find ways to strengthen its economy which relies heavily on tourism and offshore banking for a bulk of its GDP.\u00a0It <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared that the prime minister of the Bahamas, Philip Davis, and his government believed crypto could play a critical role in the island\u2019s economic recovery. <\/p>\n<p>Now, the community suggests that FTX\u2019s sudden implosion has left a trail of unemployment on the tiny 80-square-mile island. While functioning at full capacity, FTX provided employment for locals, as it reportedly spent over \u201c$100,000 a week on catering\u201d and also set up a private shuttle service to transport workers around the island. FTX also hired a number of local Bahamians in areas such as logistics, events planning, and regulatory compliance, according to the WSJ.\u00a0<\/p>\n<p>With the collapse of FTX, many high-spending foreigners who worked for the company and once boosted the local economy have reportedly fled the island, leaving Bahamanian security guards to now guard \u201cnearly vacant buildings.&#8221;<\/p>\n<p><strong>Related: SBF, FTX execs reportedly spend millions on properties in the Bahamas<\/strong><\/p>\n<p>In the aftermath of the fall of FTX, some crypto community members have said they feel no sympathy for the effects of the collapse of FTX on the tiny island nation.<\/p>\n<p>A contributor on the Hacker <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> with the username matkoniecz commented; \u201cGiven that Bahamas help rich people and companies to evade taxes, my sympathy to negative consequences of that are limited.\u201d\u00a0<\/p>\n<p>Another user going by the handle Exendroinient00 shared, \u201cNothing wrong with inviting every scammer to do scamming on your islands,\u201d in reference to the island&#8217;s laws, which seem to incentivize offshore banking activities on its island.\u00a0<\/p>\n<p>On Oct. 18, Cointelegraph reported that the Bahamian securities regulator ordered the transfer of FTX\u2019s digital assets to a wallet owned by the commission \u201cfor safekeeping.\u201d<\/p>\n<p>According to a statement by the Royal Bahamas Police Force <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/ftx-collapse-being-scrutinized-by-bahamas-investigators-2022-11-13\/\">sent<\/a> to Reuters on Nov 13, an investigation of possible criminal misconduct over the insolvency of FTX is underway by financial investigators and the Bahamas securities regulators.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/trouble-in-the-bahamas-following-ftx-collapse-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Trouble in the Bahamas following FTX collapse: Report &#8220; Following the collapse of crypto exchange FTX, which was headquartered in the island nation of Bahamas, Bahamians are reportedly still trying to find a way to make sense of everything, while remaining optimistic about the future.\u00a0 According to a report by the WSJ, the island&#8230;<\/p>\n","protected":false},"author":1,"featured_media":516088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZmUwZjU0NGYtMTkxMi00MTI0LWJiOGUtZGFkYmFmNzQ3YTNlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74860,75321,117,71511,73711],"class_list":["post-516087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ponzi-scheme","tag-business","tag-government","tag-investments"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/516087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=516087"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/516087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/516088"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=516087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=516087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=516087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}