Bahamas Regulators Hold $3.5 Billion FTX Assets, What's Next?

Bahamas Regulators Hold $3.5 Billion Worth Of FTX Assets

December 30, 2022 Story: Divya Sinha

As per the reports, the Bahamas Securities Commission said that it temporarily holds $3.5 billion worth of FTX assets.

[{"selector":"#anim-7afc00f2-419d-4b9a-aa60-4b04f5bb7c4b","keyframes":{"transform":["translate3d(-96.72131%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-50168fec-7c4d-4e43-a75a-b6b2682cf9b1","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-21dfedbd-051c-4390-8080-5216e6f7d7ef","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

This is to deliver it to customers and creditors who own them.

[{"selector":"#anim-fb52e678-5c31-4b8b-bbf6-1a483ae56b21","keyframes":{"transform":["translate3d(-94.75138%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b051b6c3-cc99-4e3b-b700-1e95a8bbc4ba","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c66060d7-d761-44fa-8305-cfa50ea92d20","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

In November, digital assets of FTX's Bahamas unit were transferred to digital wallets under the exclusive control of the Commission.

[{"selector":"#anim-8708659c-26d2-478f-8598-fca346f87eff","keyframes":{"transform":["translate3d(-96.30607%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c2f2eb0b-79ea-49d6-9f74-b501643c0c5f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c3fad3cf-c290-4dc1-b6a6-7daf6664d69d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Christina Rolle, executive director of commission, in an affidavit filed with the Bahamas Supreme Court, said that after the transfer was completed, SBF and Gary Wang no longer had access to the transferred tokens.

[{"selector":"#anim-fcfdb4d4-7d43-4a6e-9d90-9ae957bf26fc","keyframes":{"transform":["translate3d(-96.99248%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d111570d-9fde-40ed-96d1-57f5f066aa6d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a1ead0f7-852b-4cf0-8d41-de2d8ddc4610","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Earlier this month, FTX lawyers opposed the demand for internal records from its Bahamian business.

[{"selector":"#anim-e995a5f5-6fcd-4e36-97e9-0baddf7d9c92","keyframes":{"transform":["translate3d(-89.65517%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3dc88161-3da6-4dba-a045-b7d697e7ea0d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e9788b12-8f23-4f80-a065-bd9c66784610","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

They said that they do not trust the Bahamian government with data that could be used to siphon off assets from the bankrupt company.

[{"selector":"#anim-f67c027f-3348-4018-841e-aba9457b18d1","keyframes":{"transform":["translate3d(-96.13259%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3c2a587e-1f5c-4901-b1ca-5de0d528c661","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3da5ca17-bcff-4293-a8c7-15f251f8e2ef","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Currently, SBF has been placed under house arrest after being scheduled to be released on a bond of $250 million.

[{"selector":"#anim-e9772622-d7bf-4e72-bffb-85a88136b377","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a4113728-4c01-457b-ba20-92b6e8b58bb0","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bfff26e4-cf9b-402a-bbb3-8cd247279d53","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-be36887e-b078-493d-9cbc-b82e9b98a0b9","keyframes":{"transform":["translate3d(-224.19358%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e815714e-61c7-4c38-86ea-7f565fa106e7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-15f28523-6380-4367-99fa-1b812815aa0e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More Stories