According to a press statement that was issued by the Bahamian Securities Commission (BSC) late on Thursday night, the BSC has seized custody of FTX deposits with a total value of more than $3.5 billion as of November 12. Notably, the ruling that allowed the regulator in the Bahamas to collect these cryptocurrencies came from the highest court in the nation.
Read CRYPTONEWSLAND onAdditionally, the supervisor emphasized that it will continue to keep hold of the crypto assets. This would be until the order from the Supreme Court to restore them to the creditors and consumers of the defunct cryptocurrency exchange is carried out.
“The digital assets transferred on 12 November 2022 to digital wallets under the exclusive control of the Commission are being held by the Commission on a temporary basis, until such time as The Bahamas Supreme Court directs the Commission to deliver them to the customers and creditors who own them (or to the administrator of the liquidation),” the official press release stated.
In the same vein, at the beginning of this month, legal counsel for the cryptocurrency exchange FTX fought against a demand for the company’s internal documents in the Bahamas. They said that they “do not trust” the Bahamian government with data that may be used to steal assets from the failing firm.
Soon after the firm announced that it would be filing for bankruptcy, the authorities in the Bahamas, where the company’s headquarters were located, appointed liquidators to wind down FTX’s worldwide trading activity.
Analyst predicts 4,000% rally for #Cardano based on historical trends. Is #ADA set for a…
#SHIB continues its upward climb, fueled by surging token burning activity. Bullish sentiment prevails as…
#XRP's rebound, legal showdowns, and whale moves – a snapshot of the crypto rollercoaster 📈⚖️🐋
Elon Musk's AI chatbot, Grok, collaborates with social media giant X to revolutionize news consumption…
🚀 Unlocking Potential: May 2024's Top Crypto Gems Revealed! 🔍 Discover the latest trends in…
🚀 Pantera Capital's investment in TON ignites crypto surge 🔥. With 900M users on board,…