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Friday, February 3, 2023

FTX Supposedly Fixed Bahamas’ Economic Condition

The recent FTX collapse made many workers flee the island. After the hurricane in the Bahamas in 2019, and just after that the pandemic almost ruined the economy, FTX came as a blessing and uplifted the economy massively. However, the recent fall is unexpected and there is not much from the outside.

Bahamas Facing Karma With FTX Fall?

FTX matters were handed over to the financial investigators and Bahamian security regulators. There is a higher possibility of criminal involvement in this case and delaying the proper investigation raised questions. Philip Davis, the prime minister of the Bahamas, brought crypto to the island after that disastrous hurricane, and deadly covid-19.

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The Bahamas’ economy is mainly based on tourism and offshore banking. More is needed for an island to stay afloat financially. It started playing a critical role in improving the economic condition of the island. It offered employment to, a bunch of Bahamians in different sectors such as logistics, event planning, and regulatory compliance. not only that they provided shuttle service for workers and spent over $100,000 a week on catering. Many foreigners who worked in the company boosted the island’s economic condition and have now fled the island after falling off FTX. The situation turned out to be so bad that the security guards are now guarding fully empty buildings.

And some believe the prime minister is responsible for the fall, he is the one who might have brought scammers to the tiny island and now each and every Bahamian who worked in the company is jobless due to this. And people have no remorse whatsoever. FTX headquarters is in the Bahamas, leaving unemployed people wondering about the future.

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