The Bahamas government hijacked FTX funds

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  • The Bahamas Securities and Exchange Commission sent FTX assets to its own wallet, arguing that it is “for your safekeeping.”
  • It should be remembered that the FXT parent company is under investigation in the country, which is why it decided to control the assets of the exchange.
  • In a statement, the local government did not disclose the amount of money they now have under control.

The Bahamas Securities Commission seized the assets of FTX parent, FTX Digital Markets (FDM), which were in that country, the agency itself reported in a statement.

As an argument, the government stated that, in the face of FTX’s collapse, “an urgent interim regulatory measure was necessary to protect the interests  of FDM’s customers and creditors.”

After a resolution by the Supreme Court of the Bahamas, the transfer of all digital assets of FTX Digital Markets to a digital wallet controlled by the Commission, for safekeeping and protection, was determined.

It is worth mentioning that the agency did not report how much money they have under their control or how the matter will continue, although they stressed that they will meet with other regulatory entities “to address issues that affect FDM’s creditors, customers and stakeholders worldwide to obtain the best possible result.”

At the moment, FTX is under judicial investigation in the Caribbean country.