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FTX ‘Horror Stories’ Abound in Crypto Exchange’s Bahamas Home

Some local clients treated Sam Bankman-Fried’s firm like a bank, says FRNT Financial CEO Stephane Ouellette.

   

   

Photographer: Leon Neal/Getty Images

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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.

Stephane Ouellette, chief executive of Toronto-based crypto firm FRNT Financial, traveled to the Bahamas to assess the fallout from the collapse. He joined the What Goes Up 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.