Bahamas regulator: We hold $3.5 billion of FTX client funds

The Bahamas Securities Commission (SCB) said it controls the assets of the FTX exchange and its subsidiaries in the amount of $3.5 billion. Basically, these are user deposits. Regulatory statement claims funds were transferred to SCB wallets on November 12. At the same time, the freezing of funds of the FTX exchange was reported the day before, November 11. Also at this time, assets worth over $300 million were withdrawn by the FTX liquidation commission.. Approximately the same amount was withdrawn to their wallets by unknown hackers (or insiders). In this connection, US regulators launched their own investigation. The Bahamas regulator emphasizes that the founders of the FTX exchange Sam Bankman-Fried and Gary Wang do not have access to these funds.. Assets will be transferred to the liquidation commission of the exchange for distribution to affected users. SCB has confirmed that it will not require priority payments for residents of the Bahamas. “The Commission will continue its full and thorough investigation into the causes of FTX's collapse, act in accordance with the instructions of the Supreme Court of the Bahamas, cooperate with other supervisory authorities and take any necessary action to preserve the assets of FTX and protect the interests of the company's customers and creditors,” the director of SCB said in a statement. Christina Rolle. Earlier it was reported that FTX co-founder Sam Bankman-Fried is ready to formally plead guilty to criminal charges of defrauding investors and embezzling client funds.