The Securities Commission of the Bahamas (SCB) has revealed that it had possession of over $2B in FTX investor’s assets since November 12th. SCB also gets into a backlash with FTX debtors who threw accusations against the SCB.
FTX Debtor And Bahamas Regulators In A Backlash
Soon after SCB made this disclosure, FTX trading and related debtors moved to push for the return of these funds for the reimbursement of FTX creditors in the firm, in accordance with the chapter 11 bankruptcy filing.
The Bahamas regulators, on the other hand, dismissed the claims as unjustified and corrected the debtors’ misreading of the chapter 11 petition.
The Bahamas regulators also questioned statements made by the FTX’s new CEO, taking three excerpts from his statements: one directed at the SCB, questioning the body about the accurate and correct amount of customer assets currently in its custody; another about the SCB instructing FTX to mint over $100 million of its native token FTT; and finally his claims that the FTX user assets held in SCB custody were stolen.
Bahamas Regulators Refute All Accusations
According to SCB, the CEO’s charges of incorrect estimations of customer assets made were based on incorrect information on the CEO’s side.
They also disputed any reports that they instructed FTX to mint extra tokens.
While his third theft claim was dismissed as insubstantial and insignificant.
The SCB elaborated on the third complaint, accusing debtors of failing to provide evidence when making public declarations.
Soon after the dispute between the debtors and the SCB, FTX debtors submitted a statement requesting the return of the seized user assets in order to repay the FTX firm’s creditors. Furthermore, stating that these assets were transferred prior to the exchange’s bankruptcy filing.
According to their released statement, the SCB and SBF do not have the legal authority to take the debtors’ user assets and cryptocurrency.
They revealed the whereabouts of the funds, stating that they were in a wallet under the control of these regulators. And the amount of client assets there was worth more than $200 million at the time it was moved but is now worth $170 million at the time of this statement.
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