Bahamian Regulators Secure $3.5 Billion in Assets from FTX Following Cyber Attack

Securities commission of the bahamas, ftx exchange, and the supreme court were all involved in the recent scandal. on november 12, the commission transferred $3.5 billion worth of ftx’s assets into digital wallets. this was done due to reports of a cyber attack on ftx, which resulted in the theft of cryptocurrency worth an estimated $650 million.

Transfer of assets occurred on november 12, and took place in the bahamas. the commission determined that the “imminent dissipation” of the digital assets was a “significant risk”, and the figures were based on market prices at the time of the transfer.

Cyber attack against ftx was of unknown origin. bahamian regulators have been criticized for their role in the scandal, including their request to be granted access to the u.s. division’s cloud-based systems. ftx’s lawyers petitioned a delaware court to deny the request, citing “massive and unjustifiable security risks”. the bahmanian government failed “to identify any basis that would justify their request for expedition”, and ftx’s lawyers have received “nothing other than a stone wall” from the island states’ regulatory bodies.

By Evey Lovelace

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