The Bahamas’ regulators hold $3.5 billion in FTX customer assets

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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.

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The Bahamas’ regulators hold $3.5 billion in FTX customer assets

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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