The Bahamian Securities Regulator Ordered the Transfer of FTX's Digital Assets
The Bahamian securities regulator clarified that it ordered FTX to move its digital assets to a commission-owned wallet on November 12.
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The Bahamas Securities Commission (SCB) said it ordered the transfer of all digital assets from FTX Digital Markets (FDM) to a commission-owned digital wallet on November 12.
In a Nov. 17 statement, the SCB said it had exercised its power as a regulator acting under the authority of a Supreme Court order: to move assets to a "digital wallet controlled by the Commission, to keep them".
The Bahamas Securities Commission assumes control of the assets of FTX Digital Markets Ltd. pic.twitter.com/IzW4PGZSJm
— Bahamas Securities Commission (@SCBgov_bs) November 18, 2022SCB justified last week's decision by saying that "urgent interim regulatory action was necessary to protect the interests of FDM's customers and creditors".
The latest revelation could shed light on some fund movements detected last week.
On November 11, the crypto community reported a number of suspicious transactions in wallets linked to FTX and FTX.US, with analysts reporting that approximately $663 million was drained. $477 million was believed to have been stolen, while the rest was moved to secure storage by FTX itself.
The SCB statement, however, made no mention of the amount of FDM's digital assets that were moved as a result of their order.
Cointelegraph has contacted SCB for clarity but has not received a response as of press time.
The commission's order was reportedly issued just two days after the commission froze FDM's assets on November 10, suspended FTX's registration in the country, and stripped FTX's directors of their power.
At the time, he also said that FDM's assets could only be transferred with the approval of a Supreme Court-appointed provisional liquidator.
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The Bahamian securities regulator clarified that it ordered FTX to move its digital assets to a commission-owned wallet on November 12.
New
The Bahamas Securities Commission (SCB) said it ordered the transfer of all digital assets from FTX Digital Markets (FDM) to a commission-owned digital wallet on November 12.
In a Nov. 17 statement, the SCB said it had exercised its power as a regulator acting under the authority of a Supreme Court order: to move assets to a "digital wallet controlled by the Commission, to keep them".
The Bahamas Securities Commission assumes control of the assets of FTX Digital Markets Ltd. pic.twitter.com/IzW4PGZSJm
— Bahamas Securities Commission (@SCBgov_bs) November 18, 2022SCB justified last week's decision by saying that "urgent interim regulatory action was necessary to protect the interests of FDM's customers and creditors".
The latest revelation could shed light on some fund movements detected last week.
On November 11, the crypto community reported a number of suspicious transactions in wallets linked to FTX and FTX.US, with analysts reporting that approximately $663 million was drained. $477 million was believed to have been stolen, while the rest was moved to secure storage by FTX itself.
The SCB statement, however, made no mention of the amount of FDM's digital assets that were moved as a result of their order.
Cointelegraph has contacted SCB for clarity but has not received a response as of press time.
The commission's order was reportedly issued just two days after the commission froze FDM's assets on November 10, suspended FTX's registration in the country, and stripped FTX's directors of their power.
At the time, he also said that FDM's assets could only be transferred with the approval of a Supreme Court-appointed provisional liquidator.
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