The Securities Commission of Bahamas (SCB) (1) and the Financial Crimes Inquiry Branch collaborate to investigate. The SCB criticized the Sunday suggestion of preferential treatment made by FTX. After falling by another 30% yesterday, FTT's price increased to $1.69, representing a 94% drop in a week.
The FTX saga continues, with the Bahamian government now targeting the cryptocurrency exchange. On the other hand, as reports of $380 million worth of FTT tokens entering the market surfaced, its native token, FTT, is potentially painting its second green candle since the collapse.
FTX creates a new foe
The Bahamian police said they would start looking into any suspected criminal activity related to the FTX collapse. The Securities Commission of Bahamas (SCB), which has already dealt with FTX since Friday, will conduct this probe with them. The exchange tweeted that, at the SCB's request, they will start allowing withdrawals of Bahamian money.
The authorities quickly denied this, stating that they had never suggested such a thing and did not support preferential treatment. They reacted on Sunday with a considerably more serious statement: After FTX Global collapsed and FTX Digital Markets Ltd. was provisionally liquidated, a group of financial detectives from the Financial Crimes Investigation.
The branch and the Bahamas Securities Commission collaborate closely to investigate illegal activity. Amid this information, rumors of FTX producing more FTT tokens surfaced. Even though only 133 million FTT tokens were in circulation, it was discovered that almost 196 million FTT tokens had been moved from the FTX deployer wallet.
This supply has been hypothesized to be the locked tokens that weren't meant to be opened on November 14, even though no additional tokens were produced on command. This occurrence caused an unexpected increase in token value of $380 million.
The FTT surprise
FTT (2) managed to record a slight rebound on November 14 despite the cryptocurrency being surrounded by negative news. The coin is still trading at $1.614, going to continue sinking with each new day. FTT is currently very close to the test of $1.00 after already falling by 94.17% from the start of the decline (support level). If FTT breaks through this support, its freefall will continue, putting the crypto market in a negative limbo.
The persistent decrease is impacting both the token and the cryptocurrency market. However, $3.69 would be its next important objective if it can recover more and rebound. FTT would be on track to recover the losses of its investors if it broke through this level and turned it into support. Still, the continuous negative fundamental trends may prevent a substantial FTT rebound.
