Bahamas regulator sticks to estimate of FTX assets

The Securities Commission of the Bahamas (SCB) rebuffed on Monday FTX‘s claims concerning the digital belongings of its Bahamas unit held by the regulator, saying the debtors of the bankrupt cryptocurrency change had “incomplete information”.

Last month, the SCB mentioned it had seized greater than $3.5 billion in cryptocurrency from the unit, FTX Digital Markets, which it was holding for future compensation to clients and different collectors.

FTX disputed SCB’s calculations, saying its digital belongings seized in November have been value simply $296 million and never $3.5 billion.

“Such public assertions by the Chapter 11 debtors have been

based mostly on incomplete info,” the regulator mentioned in a press release on Monday.

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

Bahamas officers have sought entry to FTX’s information to assist liquidate FTX Digital Markets, however the firm’s U.S. chapter workforce mentioned it didn’t belief them with the data.
FTX’s founder and former chief government, Sam Bankman-Fried, was arrested on fraud costs and is anticipated to be arraigned on Tuesday earlier than U.S. District Judge Lewis Kaplan in Manhattan federal courtroom.

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

Stay on prime of technology and startup news that issues. Subscribe to our every day e-newsletter for the most recent and must-read tech news, delivered straight to your inbox.