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Securities Commission Of The Bahamas Assumes Control Of Assets of FTX Digital Markets

The Securities Commission of The Bahamas released a statement saying it has taken control of FTX Digital Markets’ (FDM) assets.

According to the statement, the commission transferred all FDM’s digital assets to a digital wallet controlled by the commission for safekeeping.

FTX Digital Market filed for Chapter 15 bankruptcy protection on November 15 in the U.S. Bankruptcy Court for the Southern District of New York. The event occurred after FTX Group filed for Chapter 11 bankruptcy protection on November 11.

The Chapter 15 application by FTX was described as distressing in a filing made today, while a Chapter 11 action is pending in Delaware.

On the day FTX filed bankruptcy, analysts estimate that $663 million was lost as a result of a series of suspicious transactions that were identified by the cryptocurrency community in wallets connected to FTX and FTX US. While the remaining funds were thought to have been transferred by FTX to secure storage, $477 million were suspected of having been stolen.

The amount of FTX Digital Markets’ digital assets that were shifted as a result of the SCB ruling was not mentioned in the SCB announcement, nevertheless.

The order had been issued just two days after the commission on November 10 froze the assets of FDM, suspended FTX’s registration in the nation, and deposed the FTX directors of their authority.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.