Bahamas regulator rejects FTX’s claims about seized assets’ value | Crypto

Securities Fee of the Bahamas says debtors of the bankrupt cryptocurrency change had ‘incomplete info.’

The Securities Fee of the Bahamas (SCB) has rebuffed FTX’s claims in regards to the digital property of its Bahamas unit held by the regulator, saying the debtors of the bankrupt cryptocurrency change had “incomplete info”.

Final month, the SCB stated it had seized greater than $3.5bn 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 have been price simply $296m and never $3.5bn.

“Such public assertions by the Chapter 11 debtors have been primarily based on incomplete info,” the regulator stated in a press release on Monday.

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

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

FTX’s founder and former chief government, Sam Bankman-Fried, was arrested on fraud fees final month and is predicted to be arraigned on Tuesday earlier than US District Decide Lewis Kaplan in Manhattan federal court docket.

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

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