The money is gone Bahamas tries to turn page after FTX

News Summary

  • Roughly one out of five Bahamians do not have a bank account, according to the country’s central bank.Late last year, the Bahamian government had to impose price controls on dozens of food staples in a desperate attempt to combat inflation.
  • It was money, he said, that was used to restore a food storage trailer and make additional food donations.
  • One food catering servicer said he had to let go most of his workers after FTX, his biggest contract, went bankrupt.
  • “The money have done gone!”The cryptocurrency exchange FTX was supposed to be the crown jewel of the Bahamian government’s push to be the global destination for all things crypto, after years of having an economy overly reliant on tourism and banking.
  • Estimates of how much money was lost in the FTX collapse have varied significantly, since some assets are still being recovered, but one estimate puts the losses at around $8 billion to $10 billion.
  • Along with the $50,000 donation to Rolle’s ministry, FTX donated $250,000 to Hands for Hunger and poured $1.1 million into a new non-profit known as the Agricultural Development Committee, focused on building up the nation’s food security.
NASSAU, Bahamas (AP) Dressed in a canary blue suit on a warm December night, sweat dripping from his brow, Bishop Lawrence Rolle belts out the lyrics to his latest hit song for the hundreds of childr [+8055 chars]