Unrest in the Bahamas following the collapse of FTX: report
Residents say they are dealing with vacant apartments and the loss of employment opportunities, once provided by the collapse of the exchange.
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Following the collapse of crypto exchange FTX, headquartered in the island nation of the Bahamas, Bahamians are reportedly still trying to find a way to make sense of everything, while remaining optimistic about the future. 'coming.
According to a WSJ report, the island nation — which has encouraged cryptocurrency firms to get comfortable with their “copacetic regulatory touch” — has been rocked by the FTX implosion.
The Bahamas, which was also hard hit by Hurricane Dorian in 2019 and the pandemic soon after in 2020, was already struggling to find ways to strengthen its economy which relies heavily on tourism and offshore banking for l essential part of its GDP. It has emerged that Bahamian Prime Minister Philip Davis and his government believe crypto could play a vital role in the island's economic recovery.
Now the community suggests that the sudden implosion of FTX has left a trail of unemployment on the tiny 80 square mile island. While operating at full capacity, FTX provided jobs for locals, as it reportedly spent more than "$100,000 a week on catering" and also set up a private shuttle service to transport workers around the island. . FTX has also hired a number of local Bahamians in areas including logistics, event planning and regulatory compliance, according to the WSJ.
With the collapse of FTX, many high-spending foreigners who worked for the company and once boosted the local economy are said to have fled the island, leaving Bahamian security guards now guarding "nearly vacant buildings."
Related: SBF and FTX Executives Reportedly Spent Millions on Bahamas Properties
In the aftermath of FTX's fall, some in the crypto community said they felt no sympathy for the effects of the coll...
Residents say they are dealing with vacant apartments and the loss of employment opportunities, once provided by the collapse of the exchange.
New
Following the collapse of crypto exchange FTX, headquartered in the island nation of the Bahamas, Bahamians are reportedly still trying to find a way to make sense of everything, while remaining optimistic about the future. 'coming.
According to a WSJ report, the island nation — which has encouraged cryptocurrency firms to get comfortable with their “copacetic regulatory touch” — has been rocked by the FTX implosion.
The Bahamas, which was also hard hit by Hurricane Dorian in 2019 and the pandemic soon after in 2020, was already struggling to find ways to strengthen its economy which relies heavily on tourism and offshore banking for l essential part of its GDP. It has emerged that Bahamian Prime Minister Philip Davis and his government believe crypto could play a vital role in the island's economic recovery.
Now the community suggests that the sudden implosion of FTX has left a trail of unemployment on the tiny 80 square mile island. While operating at full capacity, FTX provided jobs for locals, as it reportedly spent more than "$100,000 a week on catering" and also set up a private shuttle service to transport workers around the island. . FTX has also hired a number of local Bahamians in areas including logistics, event planning and regulatory compliance, according to the WSJ.
With the collapse of FTX, many high-spending foreigners who worked for the company and once boosted the local economy are said to have fled the island, leaving Bahamian security guards now guarding "nearly vacant buildings."
Related: SBF and FTX Executives Reportedly Spent Millions on Bahamas Properties
In the aftermath of FTX's fall, some in the crypto community said they felt no sympathy for the effects of the coll...
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