The Securities Commission of the Bahamas has taken custody of FTX deposits valued at more than $3.5 billion as of Nov. 12, according to a media release published late Thursday by the SCB.

Shortly after FTX declared bankruptcy, an unknown actor thought to be an external hacker stole approximately $372 million in tokens from the exchange. Given media reports of a cyberattack on FTX and possible looting of FTX-controlled wallets by former employees, the Commission determined in its statement that “there was a significant risk of imminent dissipation as to the digital assets under [FTX’s] custody or control to the prejudice of its customers and creditors.” According to the statement, assets will be held until the Bahamas Supreme Court orders the Commission to deliver them to the customers and creditors who own them.

The Securities Commission of the Bahamas has taken custody of FTX deposits valued at more than $3.5 billion as of Nov. 12, according to a media release published late Thursday by the SCB.

Shortly after FTX declared bankruptcy, an unknown actor thought to be an external hacker stole approximately $372 million in tokens from the exchange. Given media reports of a cyberattack on FTX and possible looting of FTX-controlled wallets by former employees, the Commission determined in its statement that “there was a significant risk of imminent dissipation as to the digital assets under [FTX’s] custody or control to the prejudice of its customers and creditors.” According to the statement, assets will be held until the Bahamas Supreme Court orders the Commission to deliver them to the customers and creditors who own them.