Bahamas regulators refute FTX’s claims over value of seized assets

The Securities Commission of The Bahamas (SCB) has refuted claims from failed crypto exchange FTX regarding the value of its seized digital assets.

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In a statement released yesterday, the SCB reiterated that FTX’s claims are “based on incomplete information.”

Last week, the SCB said that it took control of roughly US$3.5 billion in digital assets from FTX, which could potentially be returned to the platform’s creditors and customers.

Soon after, FTX debtors – which include FTX.com and its affiliated debtors – issued a statement saying the value was only worth US$296 million based on spot prices at the time of transfer on November 12, 2022.

They also noted that neither The Bahamas Commission or FTX co-founder Sam Bankman-Fried and his associate “had a right to take cryptocurrency of the FTX debtors.”

Bankman-Fried is under house arrest and expected to appear in court in the US this week.

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