Over $3.5B of FTX Deposits Is Under “Exclusive Custody” of Bahamian Authorities

  • The Bahamian Securities and Commission seized $3.5B of FTX deposits. 
  • Sam Bankman informed the authorities to take over the digital assets. 
  • After approval of the Bahamas court, the assets will be returned to its customers. 

The demise of the FTX crypto exchange created a great impact on the whole crypto space. Still the market is bearish with downfall in prices of all crypto assets and in all crypto related businesses. In that case, after the collapse FTX filed a bankruptcy in the court to solve the ongoing crises. 

In just a few hours after filing bankruptcy, almost $372M worth of tokens was looted from the FTX exchange. Thus, remembering the hacks and attacks, the CEO of FTX, Sam Bankman confessed to Bahamian Securities. 

The Bahamian Securities Commission took control of all the digital assets worth  $3.5 billion of FTX. It is the deposits of the FTX customers. So as a customer concerns, Bankman informed the Bahamas to take custody over these assets. 

FTX deposits Under the Bahamas Custody

However, FTX’s bankruptcy case is still proceeding, the authorities will take these digital assets under its exclusive custody. More so, the Bahamas Supreme Court will announce the list of customers and creditors and return their funds back. 

Hopefully, some customers will feel relaxed if they get back their assets. As stated earlier by the chief executive of FTX, John J Ray III, more international customers lost more money than the US residents. 

In addition, the Bahamas Securities shares, 

“It is evident that there is a prominent risk of “imminent dissipation” for the assets to be stored with FTX. Moreover, it may not be directed to its customers and creditors.”

A Professional HR with a huge interest in blockchain technology and cryptocurrency. Through her content writing skills, she became a passionate contributor to the crypto space. Being an active crypto enthusiast she is investing her time and experience into the digital sphere.