The FTX debacle shook the priorities of the Bahamian authorities. The country's attorney general, Ryan Pinder, has defeated the actions of the "nation of laws" against the collapsed cryptocurrency exchange.

In a 23-minute pre-tapped speech released on YouTube, Pinder reiterated that the country would not share information on the ongoing civil and criminal investigation against FTX for fear of compromising them.

FTX moved its headquarters to The Bahamas in 2021, and its founder and former CEO, Sam Bankman-Fried, ran all operations from the island. Valued at $34 billion in its last funding round, the crypto exchange collapsed within days and the now under bankruptcy proceedings. The authorities in the Bahamas also opened an investigation against the exchange for any possible "criminal misconduct."

"It is important for me to share this summary of what took place, because, over the last few weeks, the basic facts have been obscured by guessing games and rumors," Pinder stated. "We understand the enormous interest in this story, but as a government, we decided right away that what was most important was not to engage with speculation or gossip, but instead to proceed methodically and deliberately in accordance with the exercise of due process and the rule of law."

(By Arnab Shome)