The Securities Commission of the Bahamas said on Thursday that it is holding FTX assets worth $3.5 billion based on market pricing at the time of transfer on a temporary basis to deliver them to customers and creditors who own them.
FTX's Bahamas unit's digital assets were transferred to digital wallets under the exclusive control of the commission in November soon after the company and its hedge fund Alameda Research and dozens of affiliates filed for U.S. bankruptcy.
Upon completion of the transfer, FTX founders Sam Bankman-Fried and Gary Wang no longer had access to the tokens that were transferred or frozen, the executive director of the commission, Christina Rolle, said in an affidavit filed with the Bahamas Supreme Court.
The authorities in the Bahamas, where the company had its headquarters, appointed liquidators to wind down FTX's international trading business soon after the company announced bankruptcy.
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