Both USA and Bahamian government are saying they are in charge of the bankruptcy. We are getting reports from both agencies they are working on recovering funds. However how can both of them do this exactly?
Very confused.
Because they aren't talking about the same company.
The funds frozen in the Bahamas belong to FTX Digital Markets Ltd, a subsidiary of FTX Trading Ltd.
FTX Trading Ltd has filed for Bankruptcy protection in Delaware US.
The US company Chapter 11 in Delaware:
https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdfThen they filed for Chapter 15 Bankruptcy in the US in New York, this is for recognition of a foreign bankruptcy claim
https://storage.courtlistener.com/recap/gov.uscourts.nysb.314256/gov.uscourts.nysb.314256.2.0.pdfThis is the mess between US and Bahamas, not to mention that other branches have filed for bankruptcy in their own countries, like Australia.
ASIC has suspended the Australian financial services licence of FTX Australia Pty Ltd (AFS licence 323193) until 15 May 2023 after it was placed into voluntary administration on 11 November 2022.
On 11 November 2022, John Mouawad, Scott Langdon and Rahul Goyal of KordaMentha were appointed as voluntary administrators of FTX Australia and its subsidiary FTX Express Pty Ltd, which operates a digital currency exchange that is not regulated by ASIC