The Securities Commission of The Bahamas said it moved $3.5 billion from FTX's Bahamian subsidiary, FTX Digital Markets, into its own digital wallets.
The watchdog said the funds are being held on a "temporary basis" until it is directed by the country's Supreme Court to deliver them to customers and creditors, or to liquidators.
The regulator took the funds after receiving information from Bankman-Fried concerning cyberattacks on the systems of FTX's Bahamian unit, it said.The Securities Commission of The Bahamas says it seized $3.5 billion worth of cryptocurrency from collapsed crypto exchange FTX.late Wednesday, the watchdog confirmed the total sum taken from FTX's Bahamian subsidiary, FTX Digital Markets, and added that the funds were moved into its own digital wallets "for safekeeping.
The funds were valued at over $3.5 billion, based on market pricing at the time of transfer, according to the Commission. The transfer took place on Nov. 12, the day after FTXThe Bahamian securities commission said the funds are being held on a "temporary basis" until it is directed by the country's Supreme Court to deliver them to customers and creditors, or to liquidators of the insolvency estate.
The regulator said it took the funds after receiving information from Sam Bankman-Fried, FTX's disgraced co-founder, concerning cyberattacks on the systems of FTX's Bahamian unit.
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