menuIcon
$ 97,339.0
BTC
$ 97,339.0
3.38 %
$ 1,828.03
ETH
$ 1,828.03
3.36 %
$ 0.6726
ADA
$ 0.6726
3.30 %
$ 603.93
BNB
$ 603.93
1.14 %
$ 147.11
SOL
$ 147.11
3.08 %
Gungun Bhatia
Dec 30, 2022
by Gungun Bhatia

Regulators in Bahamas Are Holding $3.5 Billion in FTX User Assets

Bahamas FTX

Table of contents

  1. Bahamas Authorities Hold Funds in FTX User Assets
  2. FTX-Specific Instructions
According to a press statement issued by the Bahamas Securities Commission late on Thursday, the BSC has acquired custody of FTX deposits worth more than $3.5 billion as of November 12.

Bahamas Authorities Hold Funds in FTX User Assets

An obscure character believed to be an external hacker stole tokens from the exchange valued at roughly $372 million not long after FTX declared bankruptcy. The Commission judged that there was considerable danger of immediate dissipation with regard to the digital assets under the custody or control of [FTX] to the detriment of its customers and creditors in light of media allegations of a hack on FTX and potential theft of FTX-controlled wallets by former workers, the Commission stated in its media release.

According to the statement, assets will be retained until the Commission is instructed by the Bahamas Supreme Court to return them to the clients and creditors who possess them.

FTX-Specific Instructions

The $3.5 billion in tokens that were exchanged, according to the Commission, were no longer available to FTX founders Sam Bankman-Fried and Gary Wang.

The Commission reaffirmed in the media release that it did not give FTX-specific instructions to provide Bahamas-based clients' withdrawals top priority.

Follow us on: News
FTX Sam Bankman-Fried Bahamas Securities Commission FTX User Assets ftx user guide ftx regulators ftx net worth ftx revenue
Regulators in Bahamas Are Holding $3.5 Billion in FTX User Assets
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Top Picks