Bahamas acquires $3.5 billion in FTX assets to return to customers and creditors

The Bahamian government has announced that it has acquired $3.5 billion worth of FTX’s assets and plans to return them to their rightful owners – customers and creditors – subject to approval by the country’s Supreme Court. Making a plan. Authorities in the country, where FTX is headquartered, seized the assets shortly after the firm filed for Chapter 11 bankruptcy.

A PDF released by Bahamian authorities said the decision to take exclusive control of the assets was made after funds were lost as a result of a cyber attack targeting FTX. Officials said there was a “significant risk of easy consumption” of digital assets so they used their regulatory powers to protect the assets.

This move should give stakeholders more assurance about the condition of the funds as it was previously reported that billions of dollars worth of assets were only He got up and disappeared. It is unclear whether some of these previously reported figures include the $3.5 billion we now know is in the safe hands of Bahamian authorities.

For those who trusted Sam Bankman Freud with their money, they will now have to wait for the claims process which should be available sometime in the future. They will be able to claim some of their assets, but it is not yet clear how much. The fact that Bahamian authorities have so much under their control seems like a good sign for clients.

Source: Government of the Bahamas (PDF) through Bloomberg