Bahamian regulator says it seized $3.5 billion of FTX crypto assets for 'safekeeping' – CNBC

The FTX logo on a laptop screen.Andrey Rudakov | Bloomberg via Getty ImagesThe Securities Commission of The Bahamas says it seized $3.5 billion worth of cryptocurrency from collapsed crypto exchange FTX.In a media release late Thursday, the watchdog confirmed the total sum taken from FTX’s Bahamian subsidiary, FTX Digital Markets, and added that the funds were moved into its own digital wallets “for safekeeping.”The regulator had previously confirmed it was holding some of FTX’s digital assets but did not specify the amount.The funds were valued at more than $3.5 billion, based on market pricing at the time of transfer, according to the commission. The transfer took place Nov. 12, the day after FTX filed for Chapter 11 bankruptcy protection in the U.S.The Bahamian securities commission said the funds are being held on a “temporary basis” until it is directed by the Bahamas’ Supreme Court to deliver them to customers and creditors, or to liquidators of the insolvency estate.The regulator said it took the funds after receiving information from Sam Bankman-Fried, FTX’s disgraced co-founder, concerning cyberattacks on the systems of FTX’s Bahamian unit.There was “significant risk of imminent dissipation” of the assets under FTX Digital Markets’ control, it said.After FTX filed
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