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SCB Source: FTX Under Investigation

NASSAU, BAHAMAS – The Securities Commission of The Bahamas has frozen local assets of FTX Digital Markets owned by Sam Bankman-Fried.

Published

2 years ago

November 11, 2022

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NASSAU, BAHAMAS – The Securities Commission of The Bahamas has frozen local assets of FTX Digital Markets. A statement confirms the commission also suspended the registration and applied to the supreme court for a provisional liquidator of FTX.

The statement continues that the commission is working with the provisional liquidator to obtain the best possible outcome for the customers and other stakeholders of FTX.

The Bahamas-based FTX – is the fourth largest crypto exchange in the world.

This week, Bloomberg reported the company will need to file for bankruptcy unless it can secure a cash injection for an $8 billion shortfall.

It began with reports that FTX was hit with over $6 billion in withdrawal requests in 72 hours.
CEO Sam Bankman-Fried apologized on a Twitter thread saying – “I’m sorry…”

Major cryptocurrency exchange Binance said on Wednesday, it was walking away from purchasing part of its smaller rival.

The company sited mishandled customer funds and alleged U.S. agency investigations, as reasons behind the decision.

U.S. Securities Exchange Commission Chair Gary Gensler spoke on the fallout for crypto regulation and investors.

FTX relocated its headquarters to The Bahamas last year.

They announced plans to invest around $60 million to develop a hotel, a commercial center, and a new headquarters at Bayside Executive Park.