{"id":163153,"date":"2022-11-23T11:38:17","date_gmt":"2022-11-23T15:38:17","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=163153"},"modified":"2022-11-23T11:38:17","modified_gmt":"2022-11-23T15:38:17","slug":"prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/","title":{"rendered":"Prime Minister Gaston Browne speaks on the FTX Scandal, says parent company is located in Antigua and Barbuda"},"content":{"rendered":"<div id=\"antig-39522808\" class=\"antig-ecab antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-3455831244\" class=\"antig-before-content antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/medicalbenefitsscheme\" aria-label=\"PHOTO-2026-04-07-10-45-56\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg 1200w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:341\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1200\" height=\"400\"   \/><\/a><\/div><p>Prime Minister Gaston Browne is seeking to remove Antigua and Barbuda&#8217;s name from the FTX Scandal.<\/p><div id=\"antig-3839142018\" class=\"antig-content_5 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ablpag\" aria-label=\"Full-ABLP-Team-Digital-Billboard-1920x1080px\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1920w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:169\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:576\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:432\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:864\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1536w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1920\" height=\"1080\"   \/><\/a><\/div>\n<p>He addressed the issue extensively when he spoke on <strong>Pointe FM<\/strong> on Saturday. Listen to him below:<\/p>\n<p><iframe class=\"youtube-vid\" title=\"Prime Minister  of Antigua and Barbuda Gaston Browne speaks on the FTX scandal\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/ADfy0mgbDMc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p class=\"\">It\u2019s a collapse that some have called crypto\u2019s \u201cLehman moment.\u201d<\/p><div id=\"antig-3025074739\" class=\"antig-content_4 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-636635951\" class=\"antig-content_12 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ablpag\" aria-label=\"Full-ABLP-Team-Digital-Billboard-1920x1080px\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1920w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:169\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:576\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:432\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:864\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1536w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1920\" height=\"1080\"   \/><\/a><\/div>\n<p class=\"\">The bankruptcy of the crypto giant FTX and the resignation of its founder, Sam Bankman-Fried, has\u00a0left customers in limbo\u00a0and\u00a0investors writing off\u00a0what once looked like the next big thing in tech.<\/p><div id=\"antig-27544487\" class=\"antig-content antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ReggaeInTheParkAntigua\" aria-label=\"lucanio\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg 1080w, https:\/\/mlavawteztbj.i.optimole.com\/w:240\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg 240w, https:\/\/mlavawteztbj.i.optimole.com\/w:819\/h:1024\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg 819w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:960\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1080\" height=\"1350\"   \/><\/a><\/div>\n<div id=\"taboolaReadMoreBelow\"><\/div>\n<p class=\"\">And it happened in a matter of days. But in the complex world of crypto, such a collapse can be hard to parse. Here\u2019s the basics of what went down:<\/p>\n<h2 class=\"\">What is FTX?<\/h2>\n<p class=\"\">FTX is a digital currency exchange, a platform where people could buy and sell digital assets like bitcoin, dogecoin and ether. Such platforms rose in popularity in recent years as more people looked to invest in cryptocurrencies without the hassle of dealing with the technical side of such transactions, such as setting up a crypto wallet.<\/p><div id=\"antig-839141698\" class=\"antig-content_2 antig-entity-placement\"><a href=\"https:\/\/www.courts.com\/antigua\/\" aria-label=\"500X500 (1)\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg 500w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:150\/h:150\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" width=\"500\" height=\"500\"   \/><\/a><\/div>\n<h2 class=\"\">How did it become so big?<\/h2>\n<p class=\"\">The company, founded in 2019, quickly rose to international prominence through a series of high-profile acquisitions, aggressive marketing strategies and low trading fees. Competitor\u00a0 platforms include Kraken, Coinbase and Gemini.<\/p>\n<p class=\"\">Even those unfamiliar with the technology were lured to FTX with promises that they could park their money in accounts and earn much higher yields than at traditional banks.<\/p><div id=\"antig-2294516276\" class=\"antig-content_3 antig-entity-placement\"><a href=\"https:\/\/www.antiguabarbudaculinarymonth.com\/\" aria-label=\"CM key_WEB 1300x300_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1301\/h:301\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1301\/h:301\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg 1301w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:69\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:237\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:178\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1301\" height=\"301\"   \/><\/a><\/div>\n<p class=\"\">Major venture capital groups also bought in,\u00a0<a href=\"https:\/\/www.nytimes.com\/2022\/11\/11\/technology\/ftx-investors-venture-capital.html\">investing almost $2 billion<\/a>\u00a0in the company.<\/p><div id=\"antig-4020183100\" class=\"antig-content_6 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div>\n<p class=\"\">Sam Bankman-Fried, FTX\u2019s 30-year-old founder, became the face of the company and, to some, crypto at large. Celebrity endorsements and major sports sponsorships made FTX hard to miss.<\/p>\n<h2 class=\"\">The first red flags<\/h2>\n<p class=\"\">Not long after Bankman-Fried started FTX, crypto began to boom. The price of bitcoin, which had traded at around $10,000, shot up in 2021, peaking at more than $64,000. Venture capital money flooded into all things blockchain and crypto, and crypto platforms\u00a0moved to attract customers\u00a0beyond the technologists and blockchain evangelists that once fueled its rise.<\/p>\n<p class=\"\">The price of bitcoin, generally seen as an indicator of the broader crypto market, declined dramatically from its late 2021 heights. It now trades at around $16,000. Other crypto and token values followed suit.<\/p>\n<p class=\"\">The broader crypto industry decline had already forced many major platforms to shut down, but FTX seemed immune, even buying up some of its struggling competitors.<\/p>\n<p class=\"\">But things began to change earlier this month, when the balance sheet of a crypto investing firm that was also owned by Bankman-Fried, Alameda Research, was<a href=\"https:\/\/www.coindesk.com\/business\/2022\/11\/02\/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet\/\">\u00a0published by CoinDesk<\/a>, a crypto-focused digital media website.<\/p>\n<p class=\"\">It showed that Alameda held a large amount of a digital currency created by FTX called FTT. And though that FTT held a certain market value, if the price were to drop,\u00a0 Alameda would be at risk of insolvency.<\/p>\n<h2 class=\"\">What is FTT?<\/h2>\n<p class=\"\">FTT is a digital token created by FTX that is similar to cryptocurrencies like bitcoin. Many crypto platforms now create their own tokens as a way to encourage people to use their services by offering perks associated with their tokens. As such, tokens can act like stock in the platform.<\/p>\n<p class=\"\">These digital tokens use blockchain technology, in which computers contribute to a shared ledger that can be used to track digital assets. The first blockchain project, bitcoin, relies on many computers competing against one another to create a distributed system that no one computer can control.<\/p>\n<section class=\"inline-video inline-video--in-body\">\n<div class=\"inline-video__background\">\n<div class=\"inline-video__player\">\n<div class=\"videoPlayer styles_videoPlayer__hWpgx styles_adNotPlaying__yQRQY styles_alignDesktopBottom__p456K styles_alignMobileBottom__vA8hP\">\n<div class=\"videoSlate\"><a class=\"allowClicksOnPreview\" href=\"https:\/\/www.nbcnews.com\/now\/video\/hellscape-inside-the-meltdowns-at-twitter-and-ftx-154148933788\"><picture class=\"\"><source srcset=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_focal-860x484,f_auto,q_auto:best\/mpx\/2704722219\/2022_11\/w_netlogo-fix-yc7bw6.jpg\" media=\"(min-width: 1240px)\" \/><source srcset=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_focal-1000x563,f_auto,q_auto:best\/mpx\/2704722219\/2022_11\/w_netlogo-fix-yc7bw6.jpg\" media=\"(min-width: 758px)\" \/><img decoding=\"async\" src=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_focal-760x428,f_auto,q_auto:best\/mpx\/2704722219\/2022_11\/w_netlogo-fix-yc7bw6.jpg\" \/><\/picture><\/a><\/p>\n<div class=\"playButtonOuter absolute absolute-fill w100 dn-print\">\n<div class=\"absolute absolute-fill w100 df items-center items-center-m justify-center justify-center-m\">\n<div class=\"play inline-video__play-button\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"inline-video__info\">\n<div class=\"styles_share__n3Syu inline-video__share dn-print\">\n<div class=\"styles_shareList___M8wC inline-video__share-list\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<p class=\"\">But not all blockchains, cryptocurrencies or tokens work the same way, and many are no longer distributed as bitcoin. Tokens on a blockchain can be created by a single entity, as was the case with FTT, which was minted by FTX and\u00a0<a href=\"https:\/\/linen.app\/articles\/what-is-ftx-token-ftt-explained-in-plain-english\/\">given out as rewards to users<\/a>. FTT was also less transparent than other tokens, making it hard to track just how many tokens had been created. People could buy and sell FTT, but trading was relatively limited. Other platforms also held the token.<\/p>\n<h2 class=\"\">A virtual bank run<\/h2>\n<p class=\"\">After Alameda\u2019s balance sheet was leaked, Changpeng \u201cCZ\u2019\u2019 Zhao, CEO of the crypto platform Binance, a rival of FTX, announced on Nov. 6 that his company would sell off all its FTT tokens. The price of FTT dropped sharply.<\/p>\n<p class=\"\">As the price dropped, many FTX customers moved to withdraw their assets from the platform. Though the extent of the connections between Alameda and FTX were not yet public, a series of recent crypto platform collapses had already put the crypto community on edge.<\/p>\n<div>\n<div class=\"nl-signup-inline\">\n<div class=\"nl-signup-inline__container\">\n<div class=\"nl-signup-inline__metadata\">\n<div class=\"nl-signup-inline__details-container\">\n<div class=\"nl-signup-inline__details\">\n<p class=\"nl-signup-inline__title\">Get the Morning Rundown<\/p>\n<p class=\"nl-signup-inline__description\">Get a head start on the morning&#8217;s top stories.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"nl-signup-input\">\n<div class=\"nl-signup-input__input-wrapper\">\n<form class=\"nl-signup-input__form\"><\/form>\n<\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"\">Those withdrawals would end up resembling a classic bank run, in which people worried about a bank\u2019s solvency rush to get their money out before it runs out of cash.\u00a0<a href=\"https:\/\/www.reuters.com\/business\/finance\/crypto-exchange-ftx-saw-6-bln-withdrawals-72-hours-ceo-message-staff-2022-11-08\/\">Billions of dollars<\/a>\u00a0poured out of the platform.<\/p>\n<p class=\"\">On Nov. 8, FTX stopped allowing customers to take money out of the platform.<\/p>\n<h2 class=\"\">An unbalanced balance sheet<\/h2>\n<p class=\"\">What was not yet public was the extent of the connections between Alameda and FTX, or just how bad things had gotten for Bankman-Fried\u2019s companies.<\/p>\n<p class=\"\">Those connections began to become clearer in the days following FTX\u2019s move to stop withdrawals, as would its financial challenges. Media organizations including\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-10\/sam-bankman-fried-s-ftx-faces-8-billion-shortfall-possible-bankruptcy\">Bloomberg<\/a>,<a href=\"https:\/\/www.ft.com\/content\/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558\">\u00a0the Financial Times<\/a>,\u00a0<a href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-news-today-11-09-2022\/card\/ftx-needs-8-billion-bankman-fried-tells-investors-2RSa5oqZyZZ5YrPLuZuL\">The Wall Street Journal<\/a>\u00a0and others cited anonymous sources saying that\u00a0 FTX needed $8 billion to cover the gap between what it owed and what it could pay out. NBC News has not verified those reports, and Bankman-Fried said in an interview Monday with a Vox journalist over Twitter DM that he needed to raise $8 billion in the next two weeks to make things right with account holders.<\/p>\n<figure class=\"styles_inlineImage__yAWZ0 styles_medium__OMa6x\"><picture class=\"styles_image__1qciH\"><source srcset=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-1120w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-ftx-sam-bankman-fried-inline-mn-1530-696f49.jpg 2x, https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-560w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-ftx-sam-bankman-fried-inline-mn-1530-696f49.jpg 1x\" media=\"(min-width: 1000px)\" \/><source srcset=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-1520w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-ftx-sam-bankman-fried-inline-mn-1530-696f49.jpg 2x, https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-760w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-ftx-sam-bankman-fried-inline-mn-1530-696f49.jpg 1x\" \/><img decoding=\"async\" src=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-760w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-ftx-sam-bankman-fried-inline-mn-1530-696f49.jpg\" alt=\"Sam Bankman-Fried on Capitol Hill on Sept. 15.\" width=\"2500\" height=\"1667\" \/><\/picture><figcaption class=\"caption styles_caption__Pe5JC\"><span class=\"caption__container\">Sam Bankman-Fried on Capitol Hill on Sept. 15.<\/span><span class=\"caption__source\">Graeme Sloan \/ Sipa USA via AP<\/span><\/figcaption><\/figure>\n<p class=\"\"><a href=\"https:\/\/www.wsj.com\/articles\/ftx-tapped-into-customer-accounts-to-fund-risky-bets-setting-up-its-downfall-11668093732?mod=e2tw\">The Wall Street Journal<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.cnbc.com\/2022\/11\/13\/sam-bankman-frieds-alameda-quietly-used-ftx-customer-funds-without-raising-alarm-bells-say-sources.html\">CNBC<\/a>, also citing anonymous sources, reported that Alameda had used FTX funds for trading.<\/p>\n<div class=\"recommended-intersection-ref\">\n<div>\n<section class=\"related dn-print\">\n<div id=\"recommended\" class=\"related__items\">\n<div class=\"related-item\">\n<div class=\"related-item__info-wrapper\">\n<h3 class=\"related-item__title\"><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<p class=\"\">And in the\u00a0<a href=\"https:\/\/www.vox.com\/future-perfect\/23462333\/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy\">Vox\u00a0<\/a>interview, Bankman-Fried appeared to confirm reports that funds had moved between FTX and Alameda, adding that he \u201cthought Alameda had enough collateral\u201d to cover the moves.<\/p>\n<div class=\"recommended-intersection-ref\"><\/div>\n<p class=\"\">Soon after that, blockchain analysts<a href=\"https:\/\/www.coindesk.com\/business\/2022\/11\/14\/ftx-hack-or-inside-job-blockchain-experts-examine-clues-and-a-stupid-mistake\/\">\u00a0tracked the flow of $400 million of assets<\/a>\u00a0out of FTX accounts, though it was unclear why those funds had been moved.<\/p>\n<p class=\"\">In a series of text messages to Reuters, Bankman-Fried denied funds had been furtively funneled from one company to the other. He blamed the transfers on an internal mislabeling issue.<\/p>\n<p class=\"\">However, it is difficult to ascertain how and why the company\u2019s funds were handled the way they were, according to a court filing from FTX\u2019s current CEO, John Ray, who helped navigate Enron through its corporate bankruptcy process in the early 2000s.<\/p>\n<p class=\"\">That\u2019s because FTX and its sister companies allegedly didn\u2019t follow standard financial reporting procedures.<\/p>\n<p class=\"\">Normally, a business produces balance sheets several times a year that provide reliable information on the company\u2019s assets (what the business owns) and its liabilities (what it owes), among other things. But the balance sheets of Bankman-Fried\u2019s firms were never audited, according to the company\u2019s bankruptcy court filings, meaning there is no reliable account or paper trail of what money the company had and where it went.<\/p>\n<p class=\"\">Ray called FTX\u2019s poor management and financial opacity \u201cunprecedented.\u201d<\/p>\n<p class=\"\">\u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.\u201d<\/p>\n<p class=\"\">Ray wrote that the company has thus far secured $740 million of cryptocurrency held by the various companies that made up FTX and Alameda, a number that is only a \u201cfraction\u201d of what they hope to recover.<\/p>\n<h2 class=\"\">A lifeline yanked away<\/h2>\n<p class=\"\">Before the full extent of the crisis became public, and<strong>\u00a0<\/strong>desperate to keep his companies afloat, Bankman-Fried grasped for a lifeline as signs of a broader crypto crash loomed.<\/p>\n<p class=\"\">Zhao, one of FTX\u2019s first investors, stepped in to make a play for his former rival. On Nov. 8, he announced that Binance would purchase FTX for an undisclosed amount in what would essentially constitute a bailout for the beleaguered firm. But Binance quickly backed out, with Zhao\u00a0<a href=\"https:\/\/twitter.com\/binance\/status\/1590449161069268992?t=vm7KxwNRbwAvAiOWefJrRw&amp;s=19\">citing reports<\/a>\u00a0that FTX had mismanaged user funds and information gleaned during the standard due diligence process that accompanies such deals.<\/p>\n<figure class=\"styles_inlineImage__yAWZ0 styles_medium__OMa6x\"><picture class=\"styles_image__1qciH\"><source srcset=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-1120w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-binance-changpeng-zhao-mn-1525-b6e3bf.jpg 2x, https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-560w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-binance-changpeng-zhao-mn-1525-b6e3bf.jpg 1x\" media=\"(min-width: 1000px)\" \/><source srcset=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-1520w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-binance-changpeng-zhao-mn-1525-b6e3bf.jpg 2x, https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-760w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-binance-changpeng-zhao-mn-1525-b6e3bf.jpg 1x\" \/><img decoding=\"async\" src=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-760w,f_auto,q_auto:best\/rockcms\/2022-11\/221116-binance-changpeng-zhao-mn-1525-b6e3bf.jpg\" alt=\"Binance Co-Founder and CEO Changpeng Zhao\" width=\"2994\" height=\"1996\" \/><\/picture><figcaption class=\"caption styles_caption__Pe5JC\"><span class=\"caption__container\">Binance Co-Founder and CEO Changpeng Zhao speaks at the Web Summit in Lisbon on Nov. 1..<\/span><span class=\"caption__source\">Patricia De Melo Moreira \/ AFP &#8211; Getty Images<\/span><\/figcaption><\/figure>\n<p class=\"\">Bankman-Fried has acknowledged the company\u2019s problems on Twitter, where he remains active. Last week he posted\u00a0<a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1590709166515310593\">a lengthy thread<\/a>\u00a0that started \u201c1) I\u2019m sorry. That\u2019s the biggest thing.\u201d<\/p>\n<p class=\"\">\u201cI f&#8212;&#8211; up, and should have done better,\u201d he added.<\/p>\n<p class=\"endmark\">Last Friday, Nov. 11, Bankman-Fried stepped down as CEO of FTX, and the companies he oversaw filed for Chapter 11 bankruptcy.\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/sec-investigates-crypto-platform-ftx-11668020379\">The Wall Street Journal<\/a>\u00a0and<a href=\"https:\/\/apnews.com\/article\/cryptocurrency-technology-business-97dae72cb41351d4041b46dce1b13fb3\">\u00a0the Associated Press<\/a>, citing anonymous sources, have both reported that FTX now faces investigations by the Securities and Exchange Commission and the Department of Justice. NBC News has not verified those reports.<\/p>\n<div id=\"antig-3523760966\" class=\"antig-in-comments_2 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/@hadeedmotorsltd\" aria-label=\"Hadeed_WEB_Banner_MG-2\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 1000w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:75\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:192\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1000\" height=\"250\"   \/><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Prime Minister Gaston Browne is seeking to remove Antigua and Barbuda&#8217;s name from the FTX Scandal. He addressed the issue extensively when he spoke on Pointe FM on Saturday. Listen to him below: It\u2019s a collapse that some have called crypto\u2019s \u201cLehman moment.\u201d The bankruptcy of the crypto giant FTX and the resignation of its [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":138158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-163153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prime Minister Gaston Browne speaks on the FTX Scandal, says parent company is located in Antigua and Barbuda - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prime Minister Gaston Browne speaks on the FTX Scandal, says parent company is located in Antigua and Barbuda\" \/>\n<meta property=\"og:description\" content=\"Prime Minister Gaston Browne is seeking to remove Antigua and Barbuda&#8217;s name from the FTX Scandal. He addressed the issue extensively when he spoke on Pointe FM on Saturday. Listen to him below: It\u2019s a collapse that some have called crypto\u2019s \u201cLehman moment.\u201d The bankruptcy of the crypto giant FTX and the resignation of its [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/\" \/>\n<meta property=\"og:site_name\" content=\"Antigua News Room\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/antiguanewsroom\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-23T15:38:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mlavawteztbj.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/09\/Gaston-Browne-Antigua-Prime-Minister-1024x682-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"682\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:site\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5\"},\"headline\":\"Prime Minister Gaston Browne speaks on the FTX Scandal, says parent company is located in Antigua and Barbuda\",\"datePublished\":\"2022-11-23T15:38:17+00:00\",\"dateModified\":\"2022-11-23T15:38:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/\"},\"wordCount\":1491,\"commentCount\":23,\"publisher\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:682\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/09\/Gaston-Browne-Antigua-Prime-Minister-1024x682-1.jpeg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/\",\"url\":\"https:\/\/antiguanewsroom.com\/prime-minister-gaston-browne-speaks-on-the-ftx-scandal-says-parent-company-is-located-in-antigua-and-barbuda\/\",\"name\":\"Prime Minister Gaston Browne speaks on the FTX Scandal, says parent company is located in Antigua and Barbuda - 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He addressed the issue extensively when he spoke on Pointe FM on Saturday. 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