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Sam Bankman-Fried Advises Bahamian Prime Minister's Son on NFT Project

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Oct 21, 2023 at 08:36 am

During a court proceeding on Tuesday, an email emerged as a crucial piece of evidence in the fraud case against Sam Bankman-Fried, the founder of FTX. The correspondence revealed that Bahamian Prime Minister Philip Davis had approached the crypto magnate approximately two months before the downfall of Bankman-Fried's business empire. In this email, Davis sought Bankman-Fried's counsel for his son, who was working as a consultant on an NFT project.

This exchange from September 2022 provides insight into the intimate connection between the prime minister and Bankman-Fried, especially in the context of the Bahamas, where the FTX exchange was headquartered. The Bahamian government has faced criticism for what some perceive as lenient oversight of cryptocurrency enterprises. The Securities Commission of the Bahamas permitted FTX to operate without a license for over two years. Earlier this year, the island nation took measures to tighten regulations, with the aim of ensuring that digital asset exchanges implement safeguards commensurate with the scale and nature of their operations, as outlined by the SCB in April.

During the interrogation, U.S. Attorney Danielle Kudla referred to this email to verify the legitimacy of the phone number linked to Bankman-Fried. This was part of the process to clarify the wire fraud charges against him, with FBI agent Richard Busik providing additional context.

The message, originating from a Gmail account, featured an email signature displaying the contact information of Philip Davis, who was the prime minister of the Bahamas at the time and still holds the position. In his message, Davis inquired whether his son could reach out to the FTX CEO for guidance on the NFT project he was involved in. Bankman-Fried promptly shared his contact number and expressed his readiness for a discussion via phone or Zoom, as indicated in the email.

As of the time of reporting, no spokesperson for Davis could be reached for comment.

Despite the collapse of FTX, Davis has upheld his enthusiasm for cryptocurrency. He conveyed this sentiment earlier this month, as reported by Forkast, stating:

 "Despite the naysayers, the digital-asset industry is here to stay."

He underscored the Bahamas' dedication to establishing a sturdy and reliable regulatory framework for the industry.

Read more: FTX Bankruptcy Holdings: $150 Million in SOL and ETH Amid Sam Bankman-Fried's Ongoing Trial

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