FTX Borrowers Demand the Crypto Held By The Bahamas Regulator!
FTX Trading and its creditors said on Friday that they will seek the return of the Bahamian Securities Commission holding crypto to their Section 11 for the benefit of creditors.
Creditors said the value of the cryptocurrency in the Bahamian-controlled Fireblocks wallet was $296 million in spot market value when it was first transferred and is now $167 million. FTX Trading and its affiliates said on Friday that they will seek the return of the Bahamian Securities Commission to regulate crypto to their Section 11 for the benefit of investors.
Bahamas Securities said Thursday it has held more than $3.5 billion in F.TX client assets since Nov. 1. 12. FTX debtors alleged that money was transferred after the beginning of the bankruptcy process by former FTX CEO Sam Bankman-Fried and former CTO Gary Wang at the request of the local government in the Bahamas. “FTX Debtors informed the Bahamas Commission that none of Mr. Bankman-Fried, Mr. Wang or the Bahamas Commission has the authority to use cryptocurrency from FT.X Debtors,” the group said in a statement.
Creditors said the value of the cryptocurrency in the Bahamian regulator-controlled wallet Fireblocks was $296 million in spot market value when it was first transferred and is currently worth $167 million. “There can be no assurance that such FTT will be sold at the spot price, or at all,” the creditors said in the statement, referring to the FTX symbol. “The FT.X creditors urge the Bahamas Commission to clear up any confusion arising from their recent disclosures and provide the public with accurate information about the cryptocurrency held and how it is valued for the purposes of the disclosures.” this.”