Bahamas Security Commission told SBF to surrender $300 million

FTX and its associated debtors stated on Dec. 30 that nearly $300 million taken by the Bahamas’main securities regulator was transferred without approval.The debtors asserted that the Bahamas Securities Commission (SCB) advised former FTX CEO Sam-Bankman Fried and his associate Gary Wang to send out $296 countless digital assets to a Fireblocks cryptocurrency wallet controlled by the regulator.The properties presumably moved by Bankman-Fried consist of 195 million FTT, 1,938 ETH, and other assorted cryptocurrencies without significant value.Though those properties were worth$296 million in November,

their value is now simply $167 million. FTX noted that although the SCB holds stated possessions, the regulator might not be viable to sell this large quantity of FTT tokens at present spot costs– or at all.FTX and its associated debtors state that their accusation is based on readily available proof and assert that the SCB “acknowledged that it orchestrated these transfers.”The SCB’s statement yesterday, nevertheless, did not allude to FTX’s claims.FTX insists that Bankman-Fried, Wang, and the Bahamas Securities Commission had no right to take control of the properties in question.

The business says that it will now try to gain back the possessions and deliver them to creditors through its personal bankruptcy proceedings.The $296 million transfer might or might not have become part of the$3.5 billion of properties that The Bahamas Securities Commission( SCB) confessed to holding the other day. Those possessions were moved to the regulator more than a month earlier on Nov. 12 at the direction of the nation’s supreme court and allegedly stemmed from FTX Digital Markets. FTX asked the SCB today to “clear up any confusion”by explaining which crypto assets it took and how it determined the worth of those assets.FTX likewise asserted that FTX Digital Markets is the only FTX-related company that is managed by the Bahamas Security Commission. It noted that FTX Digital markets did not originally own the taken

crypto and does not run the FTX.com exchange.Incidentally, Sam Bankman-Fried rejected moving funds from an address tied to Alameda Research today. Those funds were moved this week and were valued at just $1.7 million. As such, those funds seem to be unassociated to the numerous millions of dollars that he supposedly helped move to the Bahamas Securities Commission in November.Posted In: FTX, Exchanges, Featured, Legal, People Recent FTX Stories