Bahamas regulator quickly seizes FTX unit’s property price over $3.5 billion By Reuters

(Reuters) – The Securities Fee of the Bahamas directed the switch of all digital property in FTX’s Bahamas unit FTX Digital Markets that have been valued at greater than $3.5 billion to digital wallets managed by the fee, it mentioned on Thursday.

The digital property are being held on a brief foundation, the regulator mentioned.

Upon completion of the switch, FTX founders Sam Bankman-Fried and Gary Wang now not had entry to the tokens that have been transferred or frozen, the manager director of the fee, Christina Rolle, mentioned in an affidavit filed with the Bahamas Supreme Courtroom.

“All transferred property have been and stay beneath the only real management of the fee,” Rolle mentioned.

Legal professionals for crypto alternate FTX earlier this month opposed a requirement for inner information from its Bahamian enterprise, saying they “don’t belief” the Bahamian authorities with knowledge that might be used to siphon off property from the bankrupt firm.

FTX, its hedge fund Alameda Analysis and dozens of associates filed for U.S. chapter final month.

The identical week, authorities within the Bahamas, the place the corporate had its headquarters, appointed liquidators to wind down FTX’s worldwide buying and selling enterprise