Asset value of Sam Bankman Fried FTX Exchange $3.5B is held by Bahamas regulators
According to reports, regulators said on Thursday that the Bahamas Securities Commission held FTX assets worth 3.5 billion dollars.
The digital assets of FTX created by Sam Bankman Fried were transferred to the wallet under the control of the Bahamas regulatory authority in November soon after the Cryptocurrency Exchange and its sister company Alameda Research and other related entities filed for bankruptcy in the United States, according to the report.
Importance: According to Reuters, Christina Roll, Executive Director of the Commission, said in an affidavit submitted to the Supreme Court of the Bahamas: "All transferred assets were and are under the sole control of the Commission."
According to Rolle, after the transfer takes effect, FTX founders Bankman Fried and Gary Wang no longer have the right to access the transferred or frozen assets.
It is reported that in early November, the securities regulatory authority of the Bahamas was seeking to control the bankruptcy proceedings of FTX, challenging this troubled company's Chapter 11 application in the United States