{"id":511788,"date":"2022-11-18T06:24:44","date_gmt":"2022-11-18T03:24:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bahamian-securities-regulator-ordered-the-transfer-of-ftxs-digital-assets\/"},"modified":"2022-11-18T06:24:44","modified_gmt":"2022-11-18T03:24:44","slug":"bahamian-securities-regulator-ordered-the-transfer-of-ftxs-digital-assets","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bahamian-securities-regulator-ordered-the-transfer-of-ftxs-digital-assets\/","title":{"rendered":"# Bahamian securities regulator ordered the transfer of FTX\u2019s digital assets"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a400e3d8b60c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a400e3d8b60c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bahamian-securities-regulator-ordered-the-transfer-of-ftxs-digital-assets\/#%E2%80%9D_Bahamian_securities_regulator_ordered_the_transfer_of_FTXs_digital_assets_%E2%80%9C\" >&#8221; Bahamian securities regulator ordered the transfer of FTX\u2019s digital assets &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bahamian_securities_regulator_ordered_the_transfer_of_FTXs_digital_assets_%E2%80%9C\"><\/span>&#8221; Bahamian securities regulator ordered the transfer of FTX\u2019s digital assets &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMjdiODU5NTQtN2JiMi00Njg5LTgyOGMtNjkxMmViMTc1ZGQ3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-887bb764>The Securities Commission of The Bahamas (SCB) said it had ordered the transfer of all digital assets of FTX Digital Markets (FDM) to a digital wallet owned by the commission on Nov. 12.\u00a0<\/p>\n<p>In a Nov. 17 statement, the SCB said it exercised its power as a regulator acting under the authority of a Supreme Court order \u2014 moving the assets to a \u201cdigital wallet controlled by the Commission, for safekeeping.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Securities Commission of The Bahamas Assumes Control of Assets of FTX Digital Markets Ltd. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/IzW4PGZSJm\">pic.twitter.com\/IzW4PGZSJm<\/a><\/p>\n<p>\u2014 Securities Commission of The Bahamas (@SCBgov_bs) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SCBgov_bs\/status\/1593395137786171393?ref_src=twsrc%5Etfw\">November 18, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>SCB justified last week\u2019s move by stating that \u201curgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM.\u201d<\/p>\n<p>The latest revelation could shed some light on certain movements of funds detected last week.\u00a0<\/p>\n<p>On Nov. 11, the crypto community flagged a number of suspicious transactions in wallets tied to FTX and FTX.US, with analysts reporting around $663 million drained. $477 million were suspected to be stolen while the remainder was believed to have been moved to secure storage by FTX themselves. <\/p>\n<p>The SCB statement however did not make any mention of how much of FDM\u2019s digital assets were moved as a result of their order. <\/p>\n<p>Cointelegraph has reached out to SCB for clarity but has not received a response by the time of publication.\u00a0<\/p>\n<p>The commission&#8217;s order would have been made only two days after the commission froze FDM\u2019s assets on Nov. 10, suspended FTX\u2019s registration in the country, and s<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>ped the FTX directors of their power. <\/p>\n<p>At the time, it also stated that FDM\u2019s assets could only be moved by obtaining the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval of a provisional liquidator appointed by the Supreme Court.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FTX reportedly hacked as officials flag abnormal wallet activity<\/em><\/strong><\/p>\n<p>The FTX bankruptcy drama has continued to unfold over the last week. <\/p>\n<p>On Nov. 15, FDM <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysb.314256\/gov.uscourts.nysb.314256.2.0.pdf\">filed<\/a> for Chapter 15 bankruptcy protection in a New York-based court in order to seek U.S. recognition of the Bahamian liquidation proceedings. <\/p>\n<p>Brian Simms, the court-appointed provisional liquidator overseeing the bankruptcy proceedings of FTX Digital Markets in the Bahamas argued in the filing that FDM wasn\u2019t authorized to file for Chapter 11 in the United States, and rejected the validity of the filing. <\/p>\n<p>On Nov. 17, an emergency <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/pacer-documents.s3.amazonaws.com\/33\/188450\/042120648186.pdf\">motion<\/a> by FTX Trading Limited argued that both the Chapter 11 case and all proceedings related to Chapter 15 filings should take place in the Delaware-based U.S. Bankruptcy Court in order to \u201cend the chaos and to ensure that assets can be secured and marshalled in an orderly process.\u201d<\/p>\n<p>The same filing also claimed they have \u201ccredible evidence that the Bahamian government is responsible for directing unauthorized access to the Debtors\u2019 systems for the purpose of obtaining digital assets of the Debtors\u2014that took place after the commencement of these cases.\u201d <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bahamian-securities-regulator-ordered-the-transfer-of-ftx-s-digital-assets\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bahamian securities regulator ordered the transfer of FTX\u2019s digital assets &#8220; The Securities Commission of The Bahamas (SCB) said it had ordered the transfer of all digital assets of FTX Digital Markets (FDM) to a digital wallet owned by the commission on Nov. 12.\u00a0 In a Nov. 17 statement, the SCB said it exercised&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMjdiODU5NTQtN2JiMi00Njg5LTgyOGMtNjkxMmViMTc1ZGQ3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,74863,135234,89897,4978,117,71511,70934],"class_list":["post-511788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-cryptocurrencies","tag-ftx","tag-sam-bankman-fried","tag-bankruptcy","tag-business","tag-government","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511788"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511789"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}