Instant news 24/7

Bahamas Regulator Holds FTX Assets Pending Delivery To Customers

1 min read
FTX Assets

FTX Assets

According to market value at the time of transfer, the Securities Commission of the Bahamas reported on Thursday that it is temporarily holding FTX assets worth $3.5 billion in order to deliver them to customers and creditors who own them. Digital assets belonging to FTX’s Bahamas unit were moved to digital wallets under the commission’s sole authority in November, not long after the company, its hedge fund Alameda Research, and other affiliates filed for US bankruptcy.

According to an affidavit submitted to the Bahamas Supreme Court by the commission’s executive director, Christina Rolle, Sam Bankman-Fried and Gary Wang no longer had access to the tokens that were transferred or frozen after the transfer was complete.

“All transferred assets were and remain under the sole control of the commission,” Rolle said. Earlier this month, lawyers for the crypto exchange FTX objected to a request for internal documents from its Bahamian subsidiary, stating that they “do not trust” the Bahamian government with information that could be used to steal assets from the failing business.

Soon after FTX declared bankruptcy, the authorities in the Bahamas, where the company had its headquarters, ordered liquidators to close down the company’s worldwide trading operations.

visit us at:

Leave a Reply