The Securities Commission of the Bahamas announced on Thursday that it had seized over $3.5 billion worth of assets belonging to FTX customers since November 12. This action was taken after FTX declared bankruptcy and an unknown individual, believed to be a hacker, stole approximately $372 million in tokens from the exchange.
Reports of a cyberattack on the exchange and the potential theft of wallets controlled by former FTX employees led the Commission to express concern about the risk of the “imminent dissipation” of digital assets under the custody or control of FTX to the detriment of its customers and creditors.
Seized Assets Could Be Returned to Customers and Creditors
According to the statement, the Commission will retain control of the seized assets until it is ordered by the Bahamas Supreme Court to return them to their owners (i.e., creditors and customers).
This news may provide some reassurance to FTX customers, particularly after CEO John J. Ray III warned that international customers might lose more money than their US counterparts. The Commission also confirmed that Sam Bankman-Fried and Gary Wang do not have access to the $3.5 billion in transferred tokens.
In its statement to the media, the Commission clarified that it did not instruct FTX to prioritize withdrawals for Bahamas-based clients.
US Department of Justice Investigates Stolen Assets
Additionally, the US Department of Justice has launched a criminal investigation into the stolen assets, separate from the fraud case against Bankman-Fried. The Bahamian Supreme Court has directed the Commission to legally assist in sharing information about FTX’s digital assets with US debtors and their lawyers.
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