The regulatory authority claimed in a statement that the Bahamian regulator intervened due to worries about the security of the assets under FTX’s control.
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The Bahamian Securities Commission (BSC) stated that as of Nov. 12, it has acquired control of FTX deposits worth more than $3.5 billion in a press release issued late Thursday.
An unknown actor believed to be an external hacker stole tokens from the exchange valued at roughly $372 million not long after FTX declared bankruptcy.
The Commission stated in its media statement that it “determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of [FTX] to the detriment of its customers and creditors” in light of media reports of a cyberattack on FTX and potential looting of FTX-controlled wallets by former employees.
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The statement said that assets will be retained until the Bahamas Supreme Court orders the Commission to transfer them to the clients and creditors who possess them.
The $3.5 billion in tokens that were moved, according to the Commission, were no longer accessible to FTX founders Sam Bankman-Fried and Gary Wang.
In the media statement, the Commission reiterated that it did not direct FTX to prioritize the withdrawals of Bahamas-based clients. The Commission underlined in the media release that it did not order FTX to give Bahamas-based clients’ withdrawals top priority.