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FTX Deposits Worth Over $3.5 Billion Held Exclusively by Bahamian Authorities

The CEO of FTX

The collapse of FTX crypto exchange has had a significant impact on the cryptocurrency market, causing a bearish trend and a decline in prices of all cryptocurrencies and related businesses.

After the collapse, FTX filed for bankruptcy in an attempt to address the ongoing crisis. Shortly after filing for bankruptcy, almost $372 million worth of tokens were stolen from the exchange.

In response to these events, the CEO of FTX, Sam Bankman, informed the Bahamian Securities Commission, which then took control of all the digital assets worth $3.5 billion that belonged to FTX customers.

The assets will be held under the exclusive custody of the Bahamian authorities until the bankruptcy case is resolved and the Bahamas Supreme Court can announce a list of creditors and customers to whom the funds will be returned.

It is worth noting that, according to FTX CEO John J Ray III, international customers lost more money than US residents.

The Bahamas Securities Commission has stated that there is a significant risk of “imminent dissipation” for the assets if they were to remain with FTX and that they may not be directed to customers and creditors.

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