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Bahamas authorities seize funds of FTX customers

The Bahamas Securities Commission has safeguarded US$3.5 billion in customer funds from the collapsed crypto exchange FTX.

By Mike Hesp
• 1 min read
Bahamas authorities seize funds of FTX customers

The Bahamas Securities Commission has safeguarded US$3.5 billion in customer funds from the collapsed crypto exchange FTX. This is stated in a press release from the Securities Commission.

The reason for this is concerns about the safety of all existing assets: for example due to the exchange hack shortly after filing for bankruptcy and rumors of wallets being looted by employees.

The authority therefore sees a "significant risk of immediate disappearance" of the digital assets. By means of a court order they have directed the transfer of the customers' funds. They are now in the custody of the High Court.

On December 12, the CEO of FTX was arrested in the Bahamas. He was subsequently extradited to the U.S..

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