Bahamas detains USD3.5 billion value of crypto assets of fallen exchange FTX
(MENAFN) The Bahamian official stated that it held USD3.5 billion value of cryptocurrency assets of the destroyed crypto trading platform of FTX.
The nation’s Securities Commission mentioned on Thursday in an announcement that it directed the exchange of all digital assets of FTX to its own controlled digital wallets for "safekeeping" on the 12th of November -- one day following the trade platform filed for Chapter 11 bankruptcy protection in the US.
The transferred digital assets are going to be under the top supervision of the Commission on a "temporary basis" until The Bahamas Supreme Court orders to distribute them to customers and creditors who own them, it also stated.
The Commission also pointed out that there was "a significant risk of imminent dissipation" to the digital assets under the protection or control of FTX.
FTX's previous Chief Executive Sam Bankman-Fried, who is 30 years old, was detained in The Bahamas on the 12th of December, extradited to the US on the 22nd of December and taken quickly to the District Court for the Southern District of New York.
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