The Bahamas government reportedly worked with former FTX CEO Sam Bankman-Fried to issue a new cryptocurrency controlled by local officials.
Following the FTX collapse in November, Bahamas government officials reportedly asked Bankman-Fried to mint new digital assets worth “hundreds of millions of dollars,” lawyers for FTX said in a court filing, Bloomberg reported on Dec. 12. The authorities also reportedly asked the former FTX CEO to transfer the new tokens to the control of island officials.