3 months ago 1 min read

Debtors of FTX Currently Battling the Bahamas Government for Return of Their Forfeited Funds


Since November 12, the Bahamas Security Commission has been holding onto assets belonging to FTX customers valued more than $3.5 billion, according to a statement released on Thursday.

The news statement does not mention the type of bitcoin that was confiscated or the method used to value it, and the Bahamas Commission has not provided the FTX debtors with any more information to resolve the valuation issue.

The FTX debtors request that the agency address any ambiguities that their recent statements may have generated and provide accurate information to the public regarding the cryptocurrency that was seized and how it was valued for these remarks.

After the FTX debtors' chapter 11 cases got underway, their cryptocurrency, which included around 195 million FTT, 1,938 ETH, and other unimportant coins, was relocated without their permission. Blockchain information indicates that this cryptocurrency is now kept at Fireblocks in a single digital wallet.

The Bahamas Commission has acknowledged coordinating these transfers and retaining the digital assets in a single Fireblocks digital wallet, according to the blockchain data.

The cryptocurrency in this Fireblocks wallet was worth around $296 million at spot prices at the time of the transfer, according to data from etherscan.io, assuming the entire amount of FTT could have been sold at the time.

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