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Attorney General and Minister of Legal Affairs Ryan Pinder was hit with harsh criticism on Twitter following a televised national address on the FTX fiasco.

On Sunday, Pinder attempted to defend the government of the Bahamas, and the country’s reputation after FTX Founder Sam Bankman-Fried was accused of mishandling billions of dollars at his exchange, which is headquartered in the Bahamas.

The collapse and questionable dealings have led many to ask whether or not the Bahamas government will hold Bankman-Fried responsible for any violations as customers grieve the loss of billions of their funds.

One Twitter user likened Pinder’s speech to “a campaign promise.”

“Twenty-three minutes long speech in defense of the Bahamas but no information as to the preliminary findings of FTX investigation apart that’s ongoing. This talk is like a campaign promise that does not move the needle. Bahamian government promo. We are nowhere closer to what happened with FTX.”

Another user attacked Pinder for praising the government in the midst of the debacle. “Patting yourself on the back at how great your regulations were when you let fraud and theft occur right under your noses, is grotesque.”

And CanCon said, “Bribery works better in the Bahamas,” adding “SBF bought all those nice Bahamian properties with stolen money and you guys are singing their praises? This will not end well for second-rate politicians running around in a banana republic acting like you’re God’s gift to modern finance. You blew it.”

Efraim Tepes said, “This speech is the definition of verbal farting.”

While Coin-Wee-boo stated, “This is as corrupt as it gets for the Bahamian authorities…And no mention of customer funds at all. We now have to wonder how much is the Bahamian government paid by SBF.”

Bankman-Fried known on social media as ‘SBF’ retweeted Pinder’s national address which surprised many users.

He donated millions of dollars to Bahamian charities in the name of altruism and is believed to have squandered millions of dollars on properties in the Bahamas.

It was revealed in a bankruptcy court filing, he owes his creditors 3.1 billion dollars.

Following its shocking announcement to acquire FTX which is on the verge of collapse, Binance is walking away from the deal.

Binance Founder and CEO Changpeng Zhao, the Chinese-Canadian billionaire who is the largest crypto exchange, posted to Twitter, “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.”

Its initial plans to rescue FTX, the second biggest exchange, surprised many in the crypto world.

Now that Binance is backing out, reports are that FTX may be filing for bankruptcy. A person privy to the situation said FTX was short $US 8 billion, as it attempts to rescue the company through the financing of debt and/or equity.

The crypto stock market is now plummeting with Bitcoin tumbling to the lowest levels in two years, as Binance walked away from FTX.com.

It was also reported that FTX CEO Sam Bankman-Fried who was worth about $15.2 billion lost $14.6 billion of his personal money, overnight.

Bankman-Fried moved from Hong Kong to set up his headquarters in the Bahamas this year, boasting that “The Bahamas is one of the few places to set up a comprehensive framework for Crypto.”