Bahamas regulator rejects FTX’s claims about seized assets’ value | Crypto

Securities Fee of the Bahamas says debtors of the bankrupt cryptocurrency change had ‘incomplete data.’

The Securities Fee of the Bahamas (SCB) has rebuffed FTX’s claims in regards to the digital belongings of its Bahamas unit held by the regulator, saying the debtors of the bankrupt cryptocurrency change had “incomplete data”.

Final month, the SCB mentioned it had seized greater than $3.5bn in cryptocurrency from the unit, FTX Digital Markets, which it was holding for future reimbursement to prospects and different collectors.

FTX disputed SCB’s calculations, saying its digital belongings seized in November have been price simply $296m and never $3.5bn.

“Such public assertions by the Chapter 11 debtors have been primarily based on incomplete data,” the regulator mentioned in an announcement on Monday.

There was no rapid response from FTX, which has been at odds with Bahamian officers since submitting for chapter safety on November 11.

Bahamas officers have sought entry to FTX’s data to assist liquidate FTX Digital Markets, however the firm’s US chapter crew mentioned it didn’t belief them with the data.

FTX’s founder and former chief govt, Sam Bankman-Fried, was arrested on fraud fees final month and is anticipated to be arraigned on Tuesday earlier than US District Decide Lewis Kaplan in Manhattan federal courtroom.

The agency’s new chief govt, John Ray, has mentioned the change misplaced $8bn of buyer cash.

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