Bahamas’ Regulator: FTX Assets Amount to $3.5B

The Bahamas Securities Commission has taken the custody of local FTX deposits for security reasons and has said that as of November 12, the digital assets were worth more than $3.5 billion.

The BSC suspended the license of FTX Digital Markets (FTXDM) on November 11 and blocked the company’s funds. On this day, the exchange and a number of affiliated structures filed for bankruptcy in the US.

Shortly thereafter, it became known someone had withdrawn more than $400M from FTX. The regulator explained that, given media reports about a potential hack or possible insider actions, they transferred the blocked funds to their own digital wallets.

According to the statement:

“The Commission has consistently taken the steps necessary to protect FTXDM clients and the interests of the public while fulfilling its responsibilities.”