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FTX Debtors Share Details on Bahamas Crypto Seizure

Umair Younas by Umair Younas
December 31, 2022 - 12:24 pm
in altcoins news, ethereum news
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Today, FTX Trading Ltd. and its related debtors (collectively called “FTX Debtors”) shared with the Securities Commission of The Bahamas details about the digital currency that belongs to FTX Debtors and is under their control. It has come to light that on November 12, 2022, after the FTX Debtors’ chapter 11 lawsuits had begun, about 195 million FTT, 1,938 Ethereum, and other minor currencies had been moved without the FTX Debtors’ knowledge or consent. The blockchain records reveal that there is just one digital wallet at Fireblocks where this coin can be found.

In November, the Bahamas Commission Orders to Mr Bankman-Fried and Mr Wang to Move crypto Assets to a Fireblocks wallet.

According to documents held by FTX Debtors, on November 12, 2022, the Bahamas Commission ordered Mr Bankman-Fried and Mr Wang to move their cryptocurrency holdings to a Fireblocks wallet. The ledger shows that the Bahamas Commission confirmed that it was coordinating these exchanges and still has the digital goods in a central wallet at Fireblocks.

Etherscan.io says that if all of the FTT in this Fireblocks wallet had been sold at the spot price at the time of the transfer, the total amount made would have been more than $296 million. Using the same assumptions, the value of the same cryptocurrencies at spot rates as of 2:00 PM EST on December 30, 2022, was around $167 million. There is no guarantee that such a massive quantity of FTT would be possible to sell at spot pricing.

FTX Debtors Want the Bahamas Commission to Clarify Statement on Crypto Seized

A news release from earlier today said that the crypto stored at the Bahamas Commission was worth more than $3.5 billion when it was moved. But the Bahamas Commission hasn’t told the FTX Debtors how to deal with the difference in value, and the news release doesn’t say what kind of coin was seized or how it was valued. The FTX Debtors have asked the Bahamas Commission to clarify what they said before and tell the public the facts about the bitcoins they held and how much they were worth.

The FTX Debtors have also notified the Bahamas Commission that neither Mr Bankman-Fried and Mr Wang nor the Bahamas Commission has any legal authority to seize crypto assets from the FTX Debtors. The one and only local service provider, FTX Digital Markets Ltd. (“FTX DM”), was subject to oversight by the Bahamas Commission. Neither FTX DM nor the FTX.com exchange is owned or operated by them, nor are any confiscated cryptocurrencies held by them.

Tags: CryptoExchangeFTX
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Umair Younas

Umair Younas

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

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