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The Securities Fee of the Bahamas (SCB) stated it had ordered the switch of all digital belongings of FTX Digital Markets (FDM) to a digital pockets owned by the fee on Nov. 12.
In a Nov. 17 assertion, the SCB stated it exercised its energy as a regulator appearing underneath the authority of a Supreme Courtroom order — transferring the belongings to a “digital pockets managed by the Fee, for safekeeping.”
Securities Fee of The Bahamas Assumes Management of Belongings of FTX Digital Markets Ltd. pic.twitter.com/IzW4PGZSJm
— Securities Fee of The Bahamas (@SCBgov_bs) November 18, 2022
SCB justified final week’s transfer by stating that “pressing interim regulatory motion was obligatory to guard the pursuits of shoppers and collectors of FDM.”
The most recent revelation might shed some mild on sure actions of funds detected final week.
On Nov. 11, the crypto neighborhood flagged a variety of suspicious transactions in wallets tied to FTX and FTX.US, with analysts reporting round $663 million drained. $477 million had been suspected to be stolen, whereas the rest was believed to have been moved to safe storage by FTX themselves.
The SCB assertion nevertheless didn’t make any point out of how a lot of FDM’s digital belongings had been moved because of their order.
Cointelegraph has reached out to SCB for readability however has not obtained a response by the point of publication.
The fee’s order would have been made solely two days after the fee froze FDM’s belongings on Nov. 10, suspended FTX’s registration within the nation and stripped the FTX administrators of their energy.
On the time, it additionally said that FDM’s belongings might solely be moved by acquiring the approval of a provisional liquidator appointed by the Supreme Courtroom.
Associated: FTX reportedly hacked as officers flag irregular pockets exercise
The FTX chapter drama has continued to unfold during the last week.
On Nov. 15, FDM filed for Chapter 15 chapter safety in a New York-based court docket so as to search U.S. recognition of the Bahamian liquidation proceedings.
Brian Simms, the court-appointed provisional liquidator overseeing the chapter proceedings of FTX Digital Markets within the Bahamas, argued within the submitting that FDM wasn’t approved to file for Chapter 11 in the USA and rejected the validity of the submitting.
On Nov. 17, an emergency movement by FTX Buying and selling Restricted argued that each the Chapter 11 case and all proceedings associated to Chapter 15 filings ought to happen within the Delaware-based U.S. Chapter Courtroom so as to “finish the chaos and to make sure that belongings will be secured and marshalled in an orderly course of.”
The identical submitting additionally claimed they’ve “credible proof that the Bahamian authorities is accountable for directing unauthorized entry to the Debtors’ techniques for the aim of acquiring digital belongings of the Debtors—that occurred after the graduation of those instances.”
