Bahamas Financial News

Guillermo Söhnlein, the co-founder and former CEO of US based OceanGate, plans to lead an expedition to Dean's Blue Hole in the Bahamas, a site known for its extreme depth and often referred to as the 'portal to hell.' Söhnlein, who left OceanGate to start Blue Marble Exploration, will be joined by scientist Kenny Broad and former NASA astronaut Scott Parazynski. The team aims to explore this virtually untouched underwater cavern despite its complex challenges. Dean’s Blue Hole in the Bahamas is described as having a unique «vase» shape with a narrow surface opening that leads to a much wider chamber below. This characteristic, along with the sinkhole's extreme depth, presents significant hurdles, including unexpected currents and thermal layers which could complicate underwater operations. “To date, Dean’s Blue Hole has been virtually unexplored,” the company stated on its website. “Venturing into uncharted waters, our team will have to ‘expect the unexpected.’” At 664 feet deep, Dean’s Blue Hole is one of the world’s deepest ocean sinkholes and was formed approximately 15,000 years ago. Little is known about the site due to its depth, a factor that heightens both interest and risk for Söhnlein's team. Handling the intense pressure at the sinkhole's floor, estimated at almost 300 pounds per square inch—about 20 times the pressure found at the surface—poses a critical challenge. Additionally, the majority of the sinkhole remains in complete darkness due to its narrow opening.

Former FTX Digital Markets CEO Ryan Salame is writing a memoir about his experiences working for SBF’s now-collapsed crypto exchange, a Monday X post by the once FTX executive reveals.

Prince Harry and Meghan Markel’s recent visit to Nigeria may have been successful but it has only raised several questions about its purpose, protocol and other matters. While the visit was a PR success, it may have created tense moments for the members of the British diplomatic service and the security establishment. It is well known that such visits generally tend to create diplomatic incidents in the host country if they aren’t handled properly. Prince Harry and Meghan Markel, who were working royals before they decided to step down in 2020, visited countries at the invitation of the British Foreign and Commonwealth Office (FCO). Since they aren’t part of any of the royal duties anymore, the officials from the FCO heaved a sigh of relief. If otherwise, it would have given the local British diplomatic establishment which is an Embassy/High Commission, a headache as it becomes their responsibility to handle all issues arising from protocol, security, media and planning the entire visit.

The former chief executive of FTX’s Bahamas subsidiary was ordered to spend 7.5 years in prison, the first of Sam Bankman-Fried’s close associates to be sentenced in the wake of the cryptocurrency exchange’s implosion.

Former FTX executive and Sam Bankman-Fried (SBF) associate Ryan Salame has been sentenced to 7.5 years in prison and a combined total of $11 million in forfeiture and restitution for criminal charges stemming from his time at SBF’s crypto exchange following a Tuesday morning hearing.

U.S. prosecutors are pushing for a 5 – 7 year sentence for former FTX executive Ryan Salame on charges stemming from his time at Sam Bankman-Fried’s (SBF) doomed crypto exchange, according to a sentencing memorandum filed late Tuesday.

The U.S. prosecutors are pushing for a prison sentence of five to seven years for the former FTX executive Ryan Salame.

Ryan Salame, a former executive at FTX who pleaded guilty to election fraud charges in September, is requesting leniency from the court in the form of an 18-month sentence.

Bankrupt cryptocurrency exchange FTX announced a new restructuring plan that, if approved, could finally give most of its customers access to money they lost—plus interest.

FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court. FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims.

FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court.

Former co-CEO of FTX Digital Market Ryan Salame is to transfer a $5.9 million house he owns in the Bahamas to settle criminal charges.

MUMBAI : To capitalize on the country’s rising equity investment trend, especially through mutual funds, IndusInd International Holdings Ltd. (IIHL), a Mauritius-based investment firm led by the Hinduja brothers, said on Tuesday it has entered into an asset management joint venture with Atlanta-based fund management group Invesco Ltd.

MUMBAI : IndusInd International Holdings Ltd, a Mauritius-based investment firm led by the Hinduja brothers, has agreed to acquire a 60% stake in Invesco Asset Management India Ltd to form an asset management joint venture. Other deal terms weren’t disclosed.

British billionaire Joe Lewis will not go to prison after pleading guilty to insider trading charges

The FTX bankruptcy estate has outlined its target to initiate repayments to customers by the end of 2024, as disclosed during a meeting of FTX Digital’s Joint Official Liquidators in the Bahamas. 

Sam Bankman-Fried, former CEO of defunct crypto exchange FTX, has been sentenced to a 25-year prison sentence related to the fraudulent use of customer funds at the exchange.

SWIFT, the global messaging network used by banks, service providers, clearinghouses, corporate business houses, brokers, is planning to launch a new platform to connect central bank digital currencies (CBDCs) in the next one to two years, according to a Reuters report citing the firm’s head of innovation, Nick Kerigan.

Holland America Line cruise ship were killed on Friday following an “incident” in one of the ship’s engineering rooms, according to a statement from the U.S.-owned cruise line.The fatalities occurred on the Nieuw Amsterdam cruise ship while it was docked at Half Moon Cay in the Bahamas.Holland America said the two employees were killed during an “accidental steam release” around 9:20 a.m. local time.

Two crew members on a Holland America cruise ship died during an “incident” in the ship's engineering space

The chief executive of the cryptocurrency company Sam Bankman-Fried founded attacked the onetime crypto power player in a letter to a federal judge, saying his claim that customers, lenders and investors were not harmed was callously false