FTX 'Horror Stories' in the Bahamas

<p>The implosion of Sam Bankman-Fried’s FTX empire dealt a harsh blow to the Bahamas’ ambitions to be a hub for the crypto industry, and it’s causing massive pain for locals who treated the now-bankrupt exchange like a bank.<br><br><a href="bbg://people/profile/20654368" data-web-url="" data-cke-saved-href="bbg://people/profile/20654368">Stephane Ouellette</a>, chief executive of Toronto-based crypto firm FRNT Financial, traveled to the Bahamas to assess the fallout from the collapse. He joined the<em> What Goes Up </em>podcast to discuss the bankruptcy’s effect on the island nation it called home, as well as the impact the scandal is having on his business and the entire market.</p> <p>“FTX was positioning [itself] as a banking alternative, particularly in regions where they operated—like the Bahamas,” Ouellette said. “So there’s even more horror stories of people treating FTX like bank-like infrastructure, and therefore leaving a significant amount of their assets just latent on FTX. Now they can’t get access to them, just like everybody else.”</p><p>See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.</p>