Beautiful Virgin Islands

Saturday, Jul 05, 2025

FTX assets worth $3.5bn held by Bahamas securities regulator

FTX assets worth $3.5bn held by Bahamas securities regulator

Authority says it is holding digital assets until they can be returned to creditors and former customers
The Bahamas securities regulator has said it has seized assets worth $3.5bn (£2.9bn) from the failed cryptocurrency exchange FTX and plans to return them to creditors and former customers.

The Securities Commission of the Bahamas said it had transferred all digital assets under the custody or control of FTX Digital Markets, a Bahamas subsidiary of the FTX operation, to its own digital wallets for “safekeeping”.

The transfer took place on 12 November, the day after the wider FTX business, comprised of dozens of affiliates and the trading arm Alameda Research, filed for bankruptcy protection in the US.

The commission said in a statement: “The digital assets transferred on 12 November 2022 to digital wallets under the exclusive control [of] the commission are being held by the commission on a temporary basis, until such time as the Bahamas supreme court directs the commission to deliver them to the customers and creditors who own them.” It added that the assets could also be released to customers and creditors via the company’s liquidators.

The commission said the assets were valued at more than $3.5bn, “based on market pricing at the time of transfer”, without giving further details about the types of digital assets it had seized.

FTX, once one of the world’s largest cryptocurrency exchanges, collapsed in November as customers rushed to withdraw billions of dollars from the business amid fears about the true state of its balance sheet.

The company’s founder and former chief executive, Sam Bankman-Fried, who was based in the Bahamas, was subsequently charged in the US with fraud, conspiracy to commit money laundering and conspiracy to defraud the US and violate campaign finance laws. He was extradited to the US last week and has been freed on $250m bail.

Bankman-Fried, 30, is expected to enter a plea to those charges at a federal court in New York on 3 January.

Caroline Ellison, the former chief executive of FTX’s sister company, the hedge fund Alameda, agreed to plead guilty to seven offences including wire fraud, securities fraud and money laundering.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
×