FTX assets in Bahamas have been seized and under control of regulator
2022.12.30 01:02
FTX assets in Bahamas have been seized and under control of regulator
Budrigannews.com – On Thursday, the Securities Commission of the Bahamas stated that, in order to deliver the assets to the customers and creditors who own them, it is temporarily holding FTX assets worth $3.5 billion based on market pricing at the time of transfer.
The digital assets of FTX’s Bahamas unit were transferred to digital wallets under the commission’s sole control in November, shortly after the company, its hedge fund Alameda Research, and dozens of affiliates filed for bankruptcy in the United States.
Christina Rolle, the executive director of the commission, stated in an affidavit filed with the Bahamas Supreme Court that after the transfer was completed, the founders of FTX, Sam Bankman-Fried and Gary Wang, no longer had access to the transferred or frozen tokens.
Rolle stated, “The Commission has and will continue to have sole control over all transferred assets.”
Earlier this month, lawyers for crypto exchange FTX opposed a request for internal records from the company’s Bahamian operation, claiming that they “do not trust” the Bahamian government with data that could be used to steal assets from the bankrupt business.
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Soon after the company declared bankruptcy, the authorities in the Bahamas, where the company had its headquarters, appointed liquidators to wind down the international trading business.
