Bahamas Seized $3.5 Billion FTX Assets on Custody Concerns
- Regulator says assets seized on information by Bankman-Fried
- Bahama regulator to return tokens to owners once court allows
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Bahamian authorities took control of $3.5 billion worth of digital assets at FTX Digital Markets shortly after it filed for Chapter 11 bankruptcy protection based on information provided by founder Sam Bankman-Fried, according to a statement on Dec. 29.
The Bahamian Securities Commission seized the digital assets of FTX, valued at more than $3.5 billion as of Nov. 12, citing a risk of “imminent dissipation” of the assets due to concerns flagged by Bankman-Fried that included cyberattacks against the exchange, the regulator said in the statement.