The Bahamian government has announced that it secured $3.5 billion worth of FTX’s assets and is planning to return them to their rightful owners – customers and creditors – when the country’s Supreme Court gives the go-ahead. The authorities in the country, where FTX is headquartered, seized the assets just after the firm filed for Chapter 11 bankruptcy.
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A PDF put out by Bahamian authorities, says that a decision to take exclusive control of the assets was taken after a cyberattack targeting FTX resulted in the loss of funds. Authorities said, “there was a significant risk of imminent dissipation” of the digital assets so they used their regulatory powers to safeguard the assets.
The move should give stakeholders more reassurance about the state of the funds as it has previously been reported that billions of dollars worth of assets have just got up and vanished. It’s unclear if some of those previously reported figures include the $3.5 billion we now know is in the safe hands of Bahamian authorities.
For people who trusted Sam Bankman-Fried with their money, they will now have to wait for a claims process that should be made available at some point in the future. They will be able to claim back some of their assets but it’s not clear how much yet. The fact that the Bahamian authorities have so much under their control looks like a good sign for customers.
Source: The Bahamas Government (PDF) via Bloomberg
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