The Bahamas will have legal representation in the ongoing FTX case. the caribbean nation elected Brown Rudnick as counsel "in certain matters relating to the collapse of FTX Digital Markets Ltd.," along with Bahamian lawyers and other experts, according to a statement issued by the law firm.
FTX Digital Markets is based in the Bahamas, and the company's senior management lived in the Bahamas. Cases against members of the management team are now being heard in the United States after former CEO Sam Bankman-Fried Bahamian extradition.
Brown Rudnick has been working for the Bahamas from March 2022 to develop a national policy statement on digital assets. The country rehired the company after the collapse of FTX and filed a registration statement with the US Department of Justice, as required by the Foreign Agents Registration Act of 1938, in late December, saying:
โSome of Registrant's activities may involve preparing and disseminating informational materials and otherwise engaging with US government agencies and the US media.โ
Brown Rudnick can also prepare written content for social media on behalf of The Bahamas, he said.
You'd think a PR government like this would at least trust a Bahamian company to get the job done.
A local company leading the charge with international help would have been the best approach. But as always, Davis listens to the FNM when it's too late. https://t.co/WxJps0spZ6
โMichael C. Pintard (@PintardMP) December 30, 2022
The Bahamas has been active in the FTX case since its inception and differences with US prosecutors began almost immediately. A competing Chapter 15 bankruptcy claim was filed in a US court. through the Bahamas the day after FTX filed for Chapter 11 bankruptcy.
Related: Bahamas Troubles Following FTX Collapse: Report
The Securities and Exchange Commission of the Bahamas (SCB) ordered all FTX digital markets digital assets transferred to a wallet he controlled after the commencement of the bankruptcy cases, leading to criticism of the new FTXmanagement that blossomed into accusations that the SCB had asked Bankman-Fried to create a new tokenfor that and what I was trying to favor citizens of the country in claims against the company.
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