Bahamas Regulator Moves FTX Funds To Digital Wallet

The Bahamas regulator, to which FTX Digital Markets is affiliated, announced on November 12 that the company has moved all its digital assets to a wallet it controls.

While the debate on whether the bankrupt FTX case should continue in the US or the Bahamas, an important statement came from the Bahamas Securities and Exchange Commission yesterday. The regulator informed that all digital assets belonging to FTX Digital Markets company have been moved to a digital wallet controlled by the institution. As it is known, assets mysteriously started to exit FTX accounts on November 11. Underlying this move, the commission said in a statement, “the urgent need for action to be taken to protect the rights of user funds, investor assets and company shareholders.”

In the first hearing of the bankruptcy case that started yesterday in the USA, FTX’s lawyers accused Sam Bankman-Fried of undermining the case. Lawyers also claim that the SBF put this plan in motion by keeping assets in the Bahamas. SBF said in an interview yesterday that his biggest regret was to listen to others and file for bankruptcy. The SBF also cursed US regulators.

The Bahamas Securities and Exchange Commission announced that it did not participate in the discussions and did not understand why the bankruptcy case of FTX DM should be brought to the United States and expressed its readiness to cooperate: “The Commission is working with other jurisdictions regulators and authorities to resolve the issue customers and shareholders are facing. ready to meet and work together”