Bahamian regulator says it seized $3.5 billion of FTX crypto assets for 'safekeeping'

Source: CNBC

Bahamian regulator says it seized $3.5 billion of FTX crypto assets for ‘safekeeping’

PUBLISHED FRI, DEC 30 20227:52 AM ESTUPDATED AN HOUR AGO
Ryan Browne
@RYAN_BROWNE_

The Securities Commission of The Bahamas says it seized $3.5 billion worth of cryptocurrency from collapsed crypto exchange FTX.

In a media release late Thursday, the watchdog confirmed the total sum taken from FTX’s Bahamian subsidiary, FTX Digital Markets, and added that the funds were moved into its own digital wallets “for safekeeping.”

The regulator had previously confirmed it was holding some of FTX’s digital assets but did not specify the amount.

The funds were valued at more than $3.5 billion, based on market pricing at the time of transfer, according to the commission. The transfer took place on Nov. 12, the day after FTX filed for Chapter 11 bankruptcy protection in the U.S.

The Bahamian securities commission said the funds are being held on a “temporary basis” until it is directed by the Bahamas’ Supreme Court to deliver them to customers and creditors, or to liquidators of the insolvency estate.

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Read more: https://www.cnbc.com/2022/12/30/bahamas-regulator-seized-3point5-billion-of-ftx-crypto-assets.html