Bahamas regulator is temporarily holding $3.5B FTX assets

Bahamas Securities Commission said it is temporarily holding FTX assets worthy $3.5 cardinal with plans to administer them to the bankrupt firm’s creditors and customers, according to a Dec. 29 statement.

The fiscal regulator said it had sought directions from the Bahamian Supreme Court connected each its actions regarding FTX Digital Markets Ltd. It added that it commenced the archetypal planetary enactment against an FTX entity by placing the steadfast nether the power of a court-appointed fiduciary.

The committee transferred each integer assets nether the power oregon custody of FTXDM oregon its principals to wallets controlled by the SCB connected Nov. 12. This determination was made based connected accusation provided by FTX laminitis Sam Bankman-Fried concerning cyberattacks against the bankrupt’s steadfast system,

The SCB wrote:

“The committee determined that determination was a important hazard of imminent dissipation arsenic to the integer assets nether the custody oregon power of [FTX] to the prejudice of its customers and creditors.”

The regulator added that it had employed each indispensable precautions to safeguard the assets successful its custody.

The committee said it would travel the directive of the Bahamas Supreme Court to merchandise the assets to creditors and customers that ain them oregon the associated provisional liquidators.

The regulator reiterated that it did not nonstop FTX to prioritize withdrawals for Bahamas-based clients and noted that neither SBF nor Gary Wang has entree to the assets.

FTX’s caller absorption and the Bahamian authorities person been engaged successful a warfare of words implicit the bankrupt firm’s assets. The speech absorption alleged that the Bahamian authorities was liable for the unauthorized entree to the bankrupt firm’s systems aft it filed for bankruptcy.

The Bahamas’ fiscal regulator countered that the allegations were made from accusation obtained from unreliable sources.

The station Bahamas regulator is temporarily holding $3.5B FTX assets appeared archetypal connected CryptoSlate.