The Securities Commission of The Bahamas, where the now-defunct FTX was headquartered, announced that it has FTX digital assets worth about US$3.5 billion under its control.
FTX co-founder Sam Bankman-Fried / Photo credit: FTX
On November 12, FTX’s assets were transferred to digital wallets under the Commission’s control for safekeeping until the Supreme Court of the Bahamas directs the Commission to return the assets to FTX customers and creditors.
The transfer happened after FTX and several of its affiliates filed for bankruptcy in the US, which came as liquidity fell short and customers started demanding withdrawals.
After bankruptcy was filed, an alleged cyberattack wiped nearly US$600 million worth of digital assets from the cryptocurrency exchange.
FTX co-founder and ex-CEO Sam Bankman-Fried is now facing eight criminal charges. He’s currently on bail but is expected to enter a plea next week in the US.
The Bahamas Securities Commission also said that it will continue investigating the collapse of FTX, which was valued at US$32 billion prior to its demise.
See also: First Luna, now Celsius. What’s behind the latest crypto crisis?
Editing by Thu Huong Le and Dhania Putri Sarahtika
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