The Securities Commission from the Bahamas (SCB) stated it’d purchased the change in all digital assets of FTX Digital Markets (FDM) to some digital wallet of the commission on November. 12.
Inside a November. 17 statement, the SCB stated it worked out its power like a regulator acting underneath the authority of the Top Court order — moving the assets to some “digital wallet controlled through the Commission, for safekeeping.”
Securities Commission from the Bahamas Assumes Charge of Assets of FTX Digital Markets Limited. pic.twitter.com/IzW4PGZSJm
— Securities Commission from the Bahamas (@SCBgov_bs) November 18, 2022
SCB justified last week’s move by proclaiming that “urgent interim regulatory action was essential to safeguard the interests of clients and creditors of FDM.”
The most recent thought could shed some light on certain movements of funds detected a week ago.
On November. 11, the crypto community flagged numerous suspicious transactions in wallets associated with FTX and FTX.US, with analysts reporting around $663 million drained. $477 million were suspected to become stolen, as the remainder was thought to happen to be gone to live in secure storage by FTX themselves.
The SCB statement however didn’t make any reference to the amount of FDM’s digital assets were moved because of their order.
Cointelegraph has arrived at to SCB for clearness but hasn’t received an answer when of publication.
The commission’s order could have been made 3 days following the commission froze FDM’s assets on November. 10, suspended FTX’s registration in the united states and stripped the FTX company directors of the power.
At that time, additionally, it mentioned that FDM’s assets could simply be moved by acquiring your application of the provisional liquidator hired through the Top Court.
Related: FTX apparently hacked as officials flag abnormal wallet activity
The FTX personal bankruptcy drama has ongoing to unfold during the last week.
On November. 15, FDM filed for Chapter 15 personal bankruptcy protection inside a New You are able to-based court to be able to seek U.S. recognition from the Bahamian liquidation proceedings.
John Simms, the court-hired provisional liquidator overseeing the personal bankruptcy proceedings of FTX Digital Markets within the Bahamas, contended within the filing that FDM wasn’t approved to launch Chapter 11 within the U . s . States and rejected the validity from the filing.
On November. 17, an urgent situation motion by FTX Buying and selling Limited contended that both Chapter 11 situation and all sorts of proceedings associated with Chapter 15 filings should occur within the Delaware-based U.S. Personal bankruptcy Court to be able to “end the chaos and to make sure that assets could be guaranteed and marshalled within an orderly process.”
Exactly the same filing also claimed they’ve “credible evidence the Bahamian government accounts for directing unauthorized accessibility Debtors’ systems with regards to acquiring digital assets from the Debtors—that required place following the commencement of those cases.”
