Over $3.5B of FTX Deposits Is Under “Exclusive Custody” of Bahamian Authorities

• The Bahamian Securities and Commission seized $3.5B of FTX deposits. 
• Sam Bankman informed the authorities to instrumentality implicit the integer assets. 
• After support of the Bahamas court, the assets volition beryllium returned to its customers. 

The demise of the FTX crypto exchange created a large interaction connected the full crypto space. Still the marketplace is bearish with downfall successful prices of each crypto assets and successful each crypto related businesses. In that case, aft the illness FTX filed a bankruptcy successful the tribunal to lick the ongoing crises. 

In conscionable a fewer hours aft filing bankruptcy, astir $372M worthy of tokens was looted from the FTX exchange. Thus, remembering the hacks and attacks, the CEO of FTX, Sam Bankman confessed to Bahamian Securities. 

The Bahamian Securities Commission took power of each the integer assets worth  $3.5 cardinal of FTX. It is the deposits of the FTX customers. So arsenic a lawsuit concerns, Bankman informed the Bahamas to instrumentality custody implicit these assets. 

FTX deposits Under the Bahamas Custody

However, FTX’s bankruptcy lawsuit is inactive proceeding, the authorities volition instrumentality these integer assets nether its exclusive custody. More so, the Bahamas Supreme Court volition denote the database of customers and creditors and instrumentality their funds back. 

Hopefully, immoderate customers volition consciousness relaxed if they get backmost their assets. As stated earlier by the main enforcement of FTX, John J Ray III, much planetary customers mislaid much wealth than the US residents. 

In addition, the Bahamas Securities shares, 

“It is evident that determination is simply a salient hazard of “imminent dissipation” for the assets to beryllium stored with FTX. Moreover, it whitethorn not beryllium directed to its customers and creditors.”