Bahamas Security Commission told SBF to surrender $300 million

Hull Invest

FTX and its related debtors said: December 30th About $300 million seized by the Bahamas’ main securities regulator was transferred without authorization.

The Bahamas Securities Commission (SCB) sent former FTX CEO Sam-Bankman Fried and his colleague Gary Wang $296 million in digital assets to the regulator-controlled Fireblocks cryptocurrency wallet. claimed to have been instructed to

Assets allegedly transferred by Bankman-Fried include 195 million FTT, 1,938 ETH, and various other cryptocurrencies of no significant value.

These assets, which were valued at $296 million in November, are now worth just $167 million. FTX noted that while SCB holds its assets, regulators may not be able to sell this large amount of his FTT tokens at current spot prices, or may not be able to sell them at all. did.

FTX and its related debtors said their charges were based on available evidence, claiming SCB “admitted to coordinating these transfers.” However, SCB’s announcement yesterday did not hint at FTX’s claims.

FTX claims Bankman-Fried, Wang and the Bahamas Securities Commission have no right to control the assets in question. The company said it would try to reclaim the assets through bankruptcy proceedings and turn them over to creditors.

The $300 million sale may or may not have been part of the $3.5 billion in assets the Bahamas Securities Commission (SCB) admitted to holding yesterday. These assets are believed to have originated from FTX Digital Markets over a month ago when he was transferred to the regulator by order of the country’s Supreme Court on November 12, 2022. FTX today asked SCB to “clear the confusion” by explaining the crypto assets it seized and how it determined the value of those assets.

FTX also claimed that FTX Digital Markets was the only FTX-related business regulated by the Bahamas Security Commission. He pointed out that FTX Digital Markets did not originally own the seized crypto and does not operate the exchange.

Incidentally, Sam Bankman-Fried today denied moving funds from addresses associated with Alameda Research. These funds were moved this week and were worth just $1.7 million. As such, these funds appear unrelated to the hundreds of millions of dollars allegedly aided in transferring to the Bahamas Securities Commission in November.

Posted In: FTX, Exchanges

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button