On December 12, 2022, the Office of the Attorney General of The Bahamas is announcing the arrest by The Royal Bahamas Police Force of Sam Bankman-Fried (“SBF”), former CEO of FTXT
The Court has not yet set a deadline for filing proofs of claim against the Debtors. When the Court sets a deadline for filing proofs of claim against the Debtors, all known creditors will be provided notice of the deadline to file a claim and instructions to file proofs of claim.
FTX was FTX Crypto Derivatives Exchange registered in many countries and also in Switzerland. This company is still active in Switzerland, registered in Canton Schwyz.
Swiss financial experts say: "The cryptocurrency sector is facing an unprecedented catastrophe with the collapse of the once-mighty FTX crypto exchange." Swiss companies are on a knife-edge, torn between the inevitability of short-term business losses and the prospect of Switzerland emerging from the crisis as an even stronger global hub for the blockchain industry.
The Bahamas-based FTX group was until recently viewed as one of the most stable and innovative cryptocurrency companies in the world. It combined the world’s second-largest crypto exchange with a highly profitable investment business, called Alameda Research.
The group has now filed for bankruptcy in the United States and is under investigation for suspected fraud in numerous countries. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” the company’s liquidator, who also handled the liquidation of Enron, stated in US court filings.
The ripple effects of FTX’s implosion are bound to be felt in Switzerland, but the real damage won’t be known for some weeks. The industry is bracing itself for falling trading volumes, less venture capital investment, further potential bankruptcies of firms with business links to FTX and reduced risk appetite from the traditional financial sector for cryptocurrencies.
Several Swiss crypto companies, including Bitcoin Suisse, Digital Finance, 21Shares, Sygnum and SEBA banks, have issued statements saying they are not in danger of being dragged down by the collapsed FTX.
The FTX group had this year started building up its Swiss operations, starting with the takeover of a Swiss law firm that specialized in cryptocurrencies. The intention was to make Switzerland the headquarters for its European and Middle East operations.
Executives in charge of this business unit have now amended their social media profiles to distance themselves from FTX.