# Bahamas regulator holds FTX assets pending delivery to customers, creditors
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-12-30
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Bahamas Securities Commission holding $3.5B FTX assets
Meta Description: The Securities Commission of the Bahamas is safeguarding and delivering FTX's digital assets to rightful owners amidst bankruptcy proceedings.
URL: https://financedigest.com/bahamas-regulator-holds-ftx-assets-pending-delivery-to-customers-creditorshtml

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(Reuters) – The Securities Commission of the Bahamas said on Thursday that it is holding FTX assets worth $3.5 billion based on market pricing at the time of transfer on a temporary basis to deliver them to customers and creditors who own them.

FTX’s Bahamas unit’s digital assets were transferred to digital wallets under the exclusive control of the commission in November soon after the company and its hedge fund Alameda Research and dozens of affiliates filed for U.S. bankruptcy.

Upon completion of the transfer, FTX founders Sam Bankman-Fried and Gary Wang no longer had [access to the tokens](https://www.financedigest.com/cardstack-launches-application-to-simplify-access-to-token-generation-events.html "Cardstack Launches Application to Simplify Access to Token Generation Events") that were transferred or frozen, the executive director of the commission, Christina Rolle, said in an affidavit filed with the Bahamas Supreme Court.

“All transferred assets were and remain under the sole control of the commission,” Rolle said.

Lawyers for [crypto exchange](https://www.financedigest.com/exclusive-binance-moved-346-million-for-seized-crypto-exchange-bitzlato-data-show.html "Exclusive-Binance moved 6 million for seized crypto exchange Bitzlato, data show") FTX earlier this month opposed a demand for internal records from its Bahamian business, saying they “do not trust” the Bahamian government with data that could be used to siphon off assets from the bankrupt company.

The authorities in the Bahamas, where the company had its headquarters, [appointed liquidators to wind down FTX’s international](https://www.financedigest.com/adnami-appoints-jeetesh-luhar-as-international-sales-director.html "Adnami appoints Jeetesh Luhar as International Sales Director") trading business soon after the company announced bankruptcy.

(Reporting by Urvi Dugar and Akanksha Khushi in Bengaluru; Editing by Leslie Adler)


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