Bahamas Security Commission told SBF to surrender $300 million

FTX and its associated debtors said connected Dec. 30 that astir $300 cardinal seized by the Bahamas’ main securities regulator was transferred without approval.

The debtors asserted that the Bahamas Securities Commission (SCB) instructed erstwhile FTX CEO Sam-Bankman Fried and his subordinate Gary Wang to nonstop $296 cardinal of integer assets to a Fireblocks cryptocurrency wallet controlled by the regulator.

The assets allegedly transferred by Bankman-Fried see 195 cardinal FTT, 1,938 ETH, and different assorted cryptocurrencies without important value.

Though those assets were worthy $296 cardinal successful November, their worth is present conscionable $167 million. FTX noted that though the SCB holds said assets, the regulator whitethorn not beryllium viable to merchantability this ample quantity of FTT tokens astatine existent spot prices — oregon astatine all.

FTX and its associated debtors accidental that their accusation is based connected disposable grounds and asseverate that the SCB “acknowledged that it orchestrated these transfers.” The SCB’s announcement yesterday, however, did not allude to FTX’s claims.

FTX insists that Bankman-Fried, Wang, and the Bahamas Securities Commission had nary close to instrumentality power of the assets successful question. The institution says that it volition present effort to regain the assets and present them to creditors done its bankruptcy proceedings.

The $300 cardinal transportation whitethorn oregon whitethorn not person been portion of the $3.5 billion of assets that The Bahamas Securities Commission (SCB) admitted to holding yesterday. Those assets were transferred to the regulator much than a period agone connected Nov. 12, 2022 astatine the absorption of the country’s ultimate tribunal and supposedly originated from FTX Digital Markets. FTX asked the SCB contiguous to “clear up immoderate confusion” by describing which crypto assets it seized and however it determined the worth of those assets.

FTX besides asserted that FTX Digital Markets is the lone FTX-related concern that is regulated by the Bahamas Security Commission. It noted that  FTX Digital markets did not primitively ain the seized crypto and does not run the FTX.com exchange.

Incidentally, Sam Bankman-Fried denied moving funds from an code tied to Alameda Research today. Those funds were moved this week and were valued astatine conscionable $1.7 million. As such, those funds look to beryllium unrelated to the hundreds of millions of dollars that helium allegedly helped transportation to the Bahamas Securities Commission successful November.

The station Bahamas Security Commission told SBF to surrender $300 million appeared archetypal connected CryptoSlate.