The Bahamas Takes Full Control of FTX Digital Assets
The Securities Fee of the Bahamas has taken management of cryptocurrency property held by bankrupt alternate FTX.
Key Takeaways
- The Securities Fee of The Bahamas (SCB) instructed Sam Bankman-Fried, the founder and former CEO of FTX, to maneuver crypto property to the regulator’s pockets.
- The SCB mentioned its actions have been based mostly on the Supreme Court docket’s order.
- It is unclear when and the way a lot funds have been transferred to the regulator.
In line with the Securities Fee of The Bahamas (SCB), it instructed Sam Bankman-Fried, the founder and former CEO of the bankrupt alternate, to maneuver crypto property to the regulator’s pockets in an effort to shield collectors. The regulator asserted its motion was beneath the approval of the Supreme Court docket of The Bahamas 5 days after seizing management.
“The Securities Fee of The Bahamas (‘the Fee’), within the train of its powers as regulator performing beneath the authority of an Order made by the Supreme Court docket of The Bahamas, took the motion of directing the switch of all digital property of FTX Digital Markets Ltd. (‘FDM’) to a digital pockets managed by the Fee, for safekeeping,” the discharge mentioned.
Though the fee made the announcement 5 days after inserting the order, it’s unclear why it did so. Moreover, it’s unclear when and the way a lot funds have been transferred. Within the coming days, SCB plans to interact different regulators and authorities in numerous jurisdictions.
