The now-defunct FTX had its headquarters in The Bahamas, where the Securities Commission of that country declared that it was in charge of FTX digital assets valued at around US $3.5 billion.
On November 12, the assets of FTX were moved to digital wallets under the Commission’s management for safety until the Supreme Court of the Bahamas orders the Commission to restore the assets to the consumers and creditors of FTX.
After FTX and a number of its affiliates declared bankruptcy in the US due to a lack of liquidity and increasing withdrawal requests from consumers, the transfer took place.
An alleged cyberattack that occurred after bankruptcy was declared allegedly erased digital assets from the bitcoin exchange valued close to US $600 million.
Sam Bankman-Fried, a co-founder of FTX and its previous CEO, is currently accused of eight crimes. He is now out on bond but is scheduled to enter a plea in the US the following week.
The Bahamas Securities Commission also declared that it will keep looking into the demise of FTX, which had a pre-death worth of US $32 billion.
