Cryptogpt News, November 28: Trouble in Paradise? The Bahamas denied that the FTX bankruptcy would harm the country.

The Attorney General of the Bahamas defended the country and its regulators in a 23-minute address to the nation.

BREAKING: BlockFi files for bankruptcy 💸

BlockFi has announced it is filing for bankruptcy – becoming the latest crypto firm to fall victim to a punishing bear market. In a statement, the troubled crypto lender expressed hope that the Chapter 11 proceedings would “stabilize its business” and provide greater value for all customers. BlockFi’s demise is undoubtedly linked to the implementation of FTX, with the company confirming that work will continue to recover funds tied up in the crashed exchange. The company has $256.9 million in cash, the statement added. The fortunes of BlockFi and FTX were intertwined when Sam Bankman-Fried – who had recently positioned himself as the white knight of the crypto sector – swooped in to help the stricken company.

FTX faces criminal investigation in Bahamas… 🚨

The Attorney General of the Bahamas has confirmed that there is an “active and ongoing investigation” into the collapse of FTX involving criminal authorities. Ryan Pindar also defended how the country’s regulators handled the implementation of the exchange. He praised the Securities Commission for acting quickly, saying no other country could have moved so quickly. Pindar added that FTX is comprised of more than 100 companies in dozens of jurisdictions around the world, and said: “Any attempt to lay this failure squarely at the feet of The Bahamas, because FTX is headquartered here, There will be over-simplifications in the aggregate.” He vowed that anyone who breaks Bahamian law will be held accountable for their actions.

… as the new CEO is criticized 👀

Pinder urged governments around the world to exercise restraint in their public comments about the action against FTX – and claimed that new CEO John Ray had made “false allegations” in last week’s Chapter 11 filing. . Calling it “deeply regrettable,” the attorney general added: “It is possible that the prospect of multi-million dollar legal and consultant fees is driving both their legal strategy and unflinching statements. Future filings.” “

Unrest in China sparks Bitcoin selloff 📉

Bitcoin started the week down 2 percent as markets reacted to anti-lockdown protests in China. The world’s largest cryptocurrency was trading at $16,231.45 at the time of writing on Monday. Major altcoins suffered big losses with Ether down 3.52% and BNB down 5.87% in the 24-hour time frame. It all comes as protests against strict COVID restrictions are intensifying around China, with officers using pepper spray against protesters in Shanghai. In unusual scenes, some were heard calling for President Xi Jinping to resign. There is widespread anger over its zero-covid policies, which mean quarantine periods and lockdowns are still in place – nearly three years after the pandemic began.

Further expansion of Coinbase plots in Europe 🇪🇺

Coinbase has announced four new hires as it doubles down on its expansion into Europe. In a statement, the exchange said its commitment to the region is “stronger than ever” despite the recent downturn in crypto markets. Acknowledging that the past few weeks have been among the most challenging in crypto’s history, the executives wrote: “The prospect of advancing our mission to bring greater economic freedom to everyone and businesses around the world has been top notch. The case remains, and perhaps more than ever.” The hiring spree is expected to help Coinbase launch new products, expand its customer base across Europe and expand into new markets.

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