2022-11-18 07:00:00

The Bahamas Securities Regulator Claims To Have Ordered The Transfer of FTX Cryptocurrency To Official Wallets

The Bahamas Securities Commission revealed on Thursday that it had mandated the transfer of FTX’s cryptocurrency holdings to government-controlled accounts on the preceding Saturday.

 

The commission stated in a press statement that it issued the order in accordance with the law, which enables it to act if necessary to safeguard consumers or their assets.

 

It needs to be clarified why, five days following the placement of the order, the commission announced it. Also unknown are the possibility of these transfers as well as their timing. Christina Rolle, the executive director of SCB, did not pick up the phone.

 

In a disorganized bankruptcy filing on Friday, Nov. 11, FTX inadvertently listed several businesses that are not a member of the FTX banner as also declaring bankruptcy. The company looked to have been hacked on the night of the 11 and through the early morning of November 12, when hundreds of billions of dollars worth of cryptocurrency began to flow out of FTX’s accounts. A few of these acquisitions were related to foul remarks made about the previous CEO of FTX, Sam Bankman-Fried.

 

Ryne Miller, the general counsel for FTX US, tweeted at the moment that he was looking into the matter before revealing later that FTX was attempting to move some money to cold chain wallets.

 

On November 15, FTX Digital Markets declared for section 15 bankruptcy protection in the United States, a few days after the majority of the remaining members of the FTX group did the same. Even stranger, FTX Digital Markets chose the Southern Division of New York for its bankruptcy filing rather than Delaware, where the other companies did.

 

They continued by claiming that Bankman-Fried was collaborating on this with the government of the Bahamas.

 

The regulator did notify on Saturday refuting FTX’s earlier assertion that it permitted withdrawals for citizens of The Bahamas, stating that it had not instructed FTX to do so.

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