Bahamian Securities Commission, FTXHe said he was in control of more than $3.5 billion in cryptocurrencies belonging to his customers.
Concerns about the security of assets in FTX custody prompted the Bahamian regulator to step in, the regulator said in a statement.
The Existence of FTX is Controlled by the Bahamas Regulator
Bahamian Securities Commissiontook control of FTX deposits valued at more than $3.5 billion as of November 12.
Shortly after FTX filed for bankruptcy, approximately $372 million worth of tokens were stolen from the exchange by an unknown hacker. The commission said in a press release that it “decided that the risk of imminent dissolution of digital assets under FTX custody or control is substantial, to the detriment of its customers and creditors.”
According to the statement, the assets will be held until the Bahamas Supreme Court instructs the Commission to hand them over to the customers and creditors who own them. The commission also reiterated that it does not direct FTX to prioritize withdrawals from Bahamas-based customers.
FTX founders Sam Bankman-Friedand Gary WangIt was also stated that ‘s no longer have access to the transferred $ 3.5 billion tokens.