Bahamian Authorities: Seized $3.5 Billion in Digital Assets from FTX

The Securities Commission of the Bahamas (Securities Commission of the Bahamas) stated earlier today (30th) that authorities seized as much as $3.5 billion in digital assets from FTX.

Authorities in the Bahamas ordered FTX to transfer assets held in cryptocurrency wallets to government-controlled wallets on Nov. 12, saying the urgent legal action was to protect the rights of FTX’s customers and creditors. The authorities believe that they have the right to control all assets of FTX’s Bahamas-registered company “FTX Digital Markets Ltd” in accordance with existing laws and regulations.

The latest statement shows that the assets of FTX customers seized by the Bahamian authorities are worth as much as $3.5 billion, and the reason for controlling these assets is because of concerns raised by SBF, including cyber attacks against FTX, that these assets are at risk of being stolen .

On Nov. 11, hours after FTX filed for Chapter 11 bankruptcy protection, some $372 million worth of cryptocurrency was stolen from the exchange. In total, nearly $700 million in cryptocurrency flowed out of FTX that day, according to blockchain research firm Nansen.

The Bahamas Securities Commission said it would remain in custody of the digital assets until the Supreme Court of the Bahamas orders their return to customers, creditors or joint liquidators.