FTX Funds Moved to Government-Controlled Digital Wallets by Bahamas Regulator

The Bahamas Securities Commission (SCB) announced that all assets belonging to FTX have been transferred to government-controlled digital wallets.

of FTX Digital Markets (FDM) all your digital assets 12 November day to a government-controlled digital wallet SCB, who said that he ordered the transfer of on 17 November In his final statement, he said he was exercising his authority as a regulator, acting under the authority of the Supreme Court decision, and that the assets were “to a commission-controlled digital wallet for storage“He said he had it.

In its press release, the Commission said it ordered this move under existing powers that allow it to take action where customers or funds need to be protected:

An urgent interim regulatory action was necessary to protect the interests of FTX DM customers and creditors.

The steps regarding whether the bankrupt FTX’s lawsuit will continue in the USA or in the Bahamas, where the company is headquartered, remains unclear. Despite all the events, no arrest warrant has yet been issued for the SBF.

FTX Trading Limited In an emergency application filed on 17 November by both chapter 11 both the case chapter 15 of all transactions related to the applicationending chaos and ensuring assets are secured and collected in an orderly processIt was argued that this should be done in the Delaware-based US Bankruptcy Court.

On the other hand, SCB explained that it did not participate in the discussions and could not understand why the bankruptcy case of the FTX DM company should be connected to the USA:

The Commission stands ready to meet and work with other jurisdictions regulators and authorities to resolve the issue facing customers and shareholders.

source site-9