FTX Debtors Now Fighting To Get Their Forfeited Money Back From The Bahamas Government

Key Points:

• FTX Trading and its affiliated debtors announced on Friday that they would seek the restoration of cryptocurrency held by the Bahamas Securities Commission to their chapter 11 estates.
• The Bahamas Security Commission announced on Thursday that it has been holding onto FTX customer assets worth more than $3.5 billion since Nov. 12.
• The FTX debtors have informed the Bahamas Commission that they do not believe Bankman-Fried, Wang, or the Bahamas Commission have the authority to take any of their cryptocurrency.

For the interest of creditors, FTX Trading and its affiliated debtors announced on Friday that they would seek the restoration of cryptocurrency held by the Bahamas Securities Commission to their chapter 11 estates.

The Bahamas Security Commission announced on Thursday that it has been holding onto FTX customer assets worth more than $3.5 billion since November 12.

The Bahamas Commission has not given the FTX debtors any additional information to settle the valuation discrepancy, and neither did the press release specify the kind of bitcoin that was seized or the technique used to value it.

The agency is urged by the FTX debtors to clarify any misunderstandings that their recent comments have caused and to give the public, correct information about the cryptocurrency that was seized and how it was valued for the purposes of these remarks.

The FTX debtors’ cryptocurrency, comprising about 195 million FTT, 1,938 ETH, and other random coins without much worth, were moved without their consent after the start of the chapter 11 cases for the FTX debtors. According to blockchain data, this cryptocurrency is now stored at Fireblocks in a single digital wallet.

According to the blockchain data, the Bahamas Commission has admitted to orchestrating these transfers and keeping the digital assets in a single Fireblocks digital wallet.

etherscan.io shows that presuming the entire quantity of FTT could be sold at spot prices at the time, the cryptocurrency in this Fireblocks wallet was worth roughly $296 million at spot prices at the time of the transfer.

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