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FTX Debtors (FTX Trading Ltd. and Affiliates) Posted information For virtual currencies under the control of the Bahamas Commission (Bahamas Securities Commission).
After the Chapter 11 bankruptcy case commenced on November 12, 2022, just under 200 million FTT of digital assets of FTX debtors and approximately 1,938 Ether were transferred without permission.
The cryptocurrency is currently held in a single Fireblocks digital wallet, according to blockchain data. The Bahamas Commission instructed Sam Bankman-Fried to transfer funds to this wallet on November 12th. The Commission acknowledged arranging these transfers.
At the time of the transfer, the Fireblocks wallet was worth just under $300 million in spot prices according to etherscan.io. That value dropped to about $167 million on December 30th. Such a large amount of his FTT is not guaranteed to sell at the spot price.
FTX Debtors have notified the Bahamas Commission that no entities are authorized to receive cryptocurrencies. The debtor demands the prompt return of the virtual currency seized for the benefit of the creditor to Chapter 11 Property.
The Bahamas Commission was solely responsible for regulating FTX DM (FTX Digital Markets Ltd.), the island’s local service company. This company does not own or operate the FTX exchange and does not own or store seized crypto.
