FTX ordered to indemnify and reimburse Bahamas for assets safekeeping

Hull Invest

The Bahamas Supreme Court on November 21 ordered bankrupt cryptocurrency exchange FTX to indemnify and reimburse the Bahamas Securities Commission (SCB) for the costs it incurs in storing digital assets.

On Nov. 18, Watchdog revealed that it had instructed the distressed company to move the crypto assets under its control into the commission’s wallet on Nov. 12.

According to a November 21st press statement, SCB said:

“[The court order]Confirming that the Commission is entitled to indemnification under the law, FDM will ultimately reimburse the Commission for the protection of those assets for the benefit of FDM’s clients and creditors. , shall be borne in the same manner as other ordinary expenses of managing FDM’s assets. its customers and creditors. ”

He added that no payments will be made to the coffers without court approval.

The management of FTX’s assets has caused some controversy within the cryptocurrency community. Earlier this week, the FTX Hacker Wallet began exchanging approximately $60 million worth of Ethereum (ETH) for Bitcoin (BTC). There have also been reports of hackers falsifying meme coin transactions.

Meanwhile, Bahamian regulators have previously denied granting FTX the right to prioritize the withdrawal of Bahamian assets.

Related Articles

Leave a Reply

Your email address will not be published.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

Back to top button