July 19, 2024
Bahamas regulator sticks to estimate of FTX property By Reuters

© Reuters. FILE PHOTO: The brand of FTX is seen on the entrance of the FTX Area in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco Bello

(Reuters) – The Securities Fee of the Bahamas (SCB) rebuffed on Monday FTX’s claims concerning the digital property of its Bahamas unit held by the regulator, saying the debtors of the bankrupt cryptocurrency trade had “incomplete data”.

Final month, the SCB stated it had seized greater than $3.5 billion 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 property seized in November had been value simply $296 million and never $3.5 billion.

“Such public assertions by the Chapter 11 debtors had been

based mostly on incomplete data,” the regulator stated in a press release on Monday.

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

Bahamas officers have sought entry to FTX’s data to assist liquidate FTX Digital Markets, however the firm’s U.S. chapter staff stated it didn’t belief them with the data.

FTX’s founder and former chief government, Sam Bankman-Fried, was arrested on fraud prices and is anticipated to be arraigned on Tuesday earlier than U.S. District Decide Lewis Kaplan in Manhattan federal courtroom.

The agency’s new chief government, John Ray, has stated the trade misplaced $8 billion of buyer cash.