Bahamas Regulator Holds FTX Assets Pending Delivery To Customers

The Bahamas Regulator holds FTX assets pending delivery to customers

FTX attorneys have objected to requests for internal records from their Bahamian business. (Represent)

The Securities Commission of the Bahamas said on Thursday that it is holding $3.5 billion worth of FTX assets based on market value at the time of transfer on an interim basis to deliver them to customers and creditors. own them.

The digital assets of the Bahamas unit of FTX were moved to a digital wallet under the exclusive control of the commission in November shortly after the company and hedge fund Alameda Research and dozens of affiliates filed an application. bankruptcy in the United States.

The commission’s CEO, Christina Rolle, said that upon completion of the transfer, FTX founders Sam Bankman-Fried and Gary Wang no longer have access to the transferred or frozen tokens. .

“All assets transferred were and remain under the sole control of the commission,” said Rolle.

Lawyers for crypto exchange FTX earlier this month countered requests for internal records from their Bahamian business, saying they “don’t trust” the Bahamian government with the data. can be used to extract assets from bankrupt companies.

Authorities in the Bahamas, where the company is headquartered, appointed liquidators to terminate FTX’s international trading business shortly after the company declared bankruptcy.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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