Securities Commission Of The Bahamas Moved $3.5B FTX Digital Assets To Wallets It Controls
Key Points:
- Securities Commission of The Bahamas moved $3.5 billion of FTX assets to a wallet controlled by the commission.
- The regulator said the digital assets are being held on a temporary basis.
- FTX founders Sam Bankman-Fried and Gary Wang no longer have access to the transferred or frozen tokens.
The Securities Commission of The Bahamas (SCB) has directed the transfer of all digital assets in FTX Digital Markets, the Bahamas unit of FTX, valued at more than $3.5 billion, to digital wallets controlled by the commission, a document said by SCB on Dec.
The Bahamas Securities Commission explained that based on information provided to the Commission by SBF about cyberattacks on the FTX Digital Markets Ltd (FTXDM) system, limited access by FTXDM employees to its AWS system name and other available information, the Commission has determined that digital assets under the custody or control of FTXDM already exist.
Accordingly, in exercising its supervisory powers, the Commission requested and received a court order to protect digital assets owned by FTXDM or its head or manage them by transferring them to a secure digital wallet under the Commission’s exclusive control. The regulator said the digital assets are being held on a temporary basis.
The regulator reiterates that it does not direct, authorize or advise FTXDM to prioritize withdrawals from Bahamian clients in any way, and further notes that such transactions could be described as priorities. Offer is revocable under insolvency, resulting in the withdrawal of funds from Bahamian clients’ funds.
The commission’s CEO, Christina Rolle, said that upon completion of the transfer, FTX founders Sam Bankman-Fried and Gary Wang no longer have access to the transferred or frozen tokens.
“All transferred assets were and remain under the sole control of the commission,”
Rolle said.
Earlier, the new chief executive officer of FTX and Lawyers for crypto exchange FTX earlier this month opposed a demand for internal records from its Bahamian business, saying they “do not trust” the Bahamian government with data that could be used to siphon off assets from the collapse company.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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Securities Commission Of The Bahamas Moved $3.5B FTX Digital Assets To Wallets It Controls
Key Points:
- Securities Commission of The Bahamas moved $3.5 billion of FTX assets to a wallet controlled by the commission.
- The regulator said the digital assets are being held on a temporary basis.
- FTX founders Sam Bankman-Fried and Gary Wang no longer have access to the transferred or frozen tokens.
The Securities Commission of The Bahamas (SCB) has directed the transfer of all digital assets in FTX Digital Markets, the Bahamas unit of FTX, valued at more than $3.5 billion, to digital wallets controlled by the commission, a document said by SCB on Dec.
The Bahamas Securities Commission explained that based on information provided to the Commission by SBF about cyberattacks on the FTX Digital Markets Ltd (FTXDM) system, limited access by FTXDM employees to its AWS system name and other available information, the Commission has determined that digital assets under the custody or control of FTXDM already exist.
Accordingly, in exercising its supervisory powers, the Commission requested and received a court order to protect digital assets owned by FTXDM or its head or manage them by transferring them to a secure digital wallet under the Commission’s exclusive control. The regulator said the digital assets are being held on a temporary basis.
The regulator reiterates that it does not direct, authorize or advise FTXDM to prioritize withdrawals from Bahamian clients in any way, and further notes that such transactions could be described as priorities. Offer is revocable under insolvency, resulting in the withdrawal of funds from Bahamian clients’ funds.
The commission’s CEO, Christina Rolle, said that upon completion of the transfer, FTX founders Sam Bankman-Fried and Gary Wang no longer have access to the transferred or frozen tokens.
“All transferred assets were and remain under the sole control of the commission,”
Rolle said.
Earlier, the new chief executive officer of FTX and Lawyers for crypto exchange FTX earlier this month opposed a demand for internal records from its Bahamian business, saying they “do not trust” the Bahamian government with data that could be used to siphon off assets from the collapse company.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
Coincu News
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