Bahamas Securities Commission Rejects FTX’s Allegations Of Unauthorized Access

Bahamas Securities Commission says FTX misrepresented regulator’s move to forfeit more than $400 million intended to secure the assets of local customers on the exchange as a hack in bankruptcy court filings in the United States.

According to Coindesk, in a Wednesday notice, the regulator called the allegations “intemperate and incorrect“, and said it had sought the order from the country’s Supreme Court to protect the embattled exchange’s digital assets against “the risks associated with hacking and compromise“.

The Securities Commission of the Bahamas is dismissing allegations that crypto exchange FTX crashed that, the country directed unauthorized access to move assets off the platform after it filed for bankruptcy protection in the United States.

As mentioned in an earlier Coincu News article, after the Bahamas-based exchange declared bankruptcy on November 11, the Bahamas Securities Commission released a statement saying it has taken control of the assets of FTX Digital Markets (FDM).

On Tuesday, during the first court hearing for the chapter 11 proceedings, FTX’s lawyers said they had reached an agreement with the Bahamian liquidators to transfer their New York case to Delaware. While announcing the agreement, James Bromley, a partner in Sullivan & Cromwell’s Finance and Restructuring Group, said FTX had evidence showing that “there have been movement of assets out of the debtors’ estates to the Bahamas.”

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