3 months ago 1 min read

FTX Disclosed Location of $167M that Bahamas Authorities had Seized


On January 1, Bahamian officials released the FTX asset address found on Twitter. Approximately $167 million in of assets are presently held at the address, including nearly 196 million FTT and 1938.41 Ethereum. It was asserted for $3.5 billion.

According to earlier reports, the Bahamas Securities Commission declared on Thursday that it had seized more than $3.5 billion in digital assets belonging to FTX, which would later be used to pay back FTX's clients and other creditors. However, the agency made no mention of the specifics regarding the seized assets' nature or value. FTX has already asked that the Bahamian authorities return the confiscated assets to them.

When SCB seized its digital assets in November of this year, only $296 million was reportedly left, according to FTX. The exchange demanded clarification from SCB regarding its holdings and their value. In November, SCB started the liquidation process for its Bahamian subsidiary, FTX Digital Markets Ltd. FTX DM declared that it will try to recover all seized assets because it is only a local services firm and neither owns the exchange nor any seized cryptocurrencies.

SCB announced on Thursday that it had amassed more than $3.5 billion in digital assets, which it intends to use in the future to pay consumers and other creditors. SCB did not specify the kind of assets or their value.

Federal authorities were already known to be investigating into a number of bitcoin transactions connected to Sam Bankman-digital Fried's wallets, the disgraced crypto millionaire. If Bankman-Fried is merely moving his own money around or is withdrawing cash without permission, SDNY prosecutors are investigating.

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