On Thursday, the Bahamian Securities Commission revealed its control over more than $3.5 billion worth of cryptocurrencies that belong to FTX customers. The Bahamas regulator obtained these cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term with an order from the country's Supreme Court.

Bahamas Regulator Safekeeping $3.5B FTX Customer Assets

The regulator highlighted that it would continue to hold on to the crypto assets until the order of the Supreme Court comes through to return them to creditors and customers of the collapsed cryptocurrency exchange.

"The digital assets transferred on 12 November 2022 to digital wallets under the exclusive control [of] the Commission are being held by the Commission on a temporary basis, until such time as The Bahamas Supreme Court directs the Commission to deliver them to the customers and creditors who own them [or to the administrator of the liquidation]," the official press release stated.

FTX Operated from The Bahamas

Sam Bankman-Fried and his top associates operated FTX from the Bahamas headquarters. However, the bankruptcy proceedings of FTX, Alameda Research, and over 130 other affiliates Affiliates Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Read this Term were filed in the United States.

The Bahamas financial market regulator obtained control over the customer assets held by the local FTX entity on 12 November following the bankruptcy filing of FTX and its affiliates. However, the regulator insists that a cyber attack on the collapsed exchange that resulted in the theft of at least $372 million worth of cryptocurrencies prompted its decision to get a hold of the FTX customer funds for safekeeping.

"...the Commission determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of FTXDM to the prejudice of its customers and creditors. As a result, in the exercise of its regulatory powers, the Commission requested and obtained a Court order to safeguard the digital assets," the Bahamas regulator added.

Additionally, the announcement highlighted that neither Bankman-Fried nor FTX's Co-Founder and former CTO Gary Wang now has access to these customer funds.

FTX's Super Bowl Ad with Comedian Larry David

Earlier, the Bahamian Securities Commission refuted FTX's claims that it ordered the cryptocurrency exchange to prioritize the withdrawals of Bahamas-based clients.

Meanwhile, the Bahamas' authorities have opened civil and criminal investigations against the conduct of FTX. On top of that, the Bahamas police arrested Bankman-Fried on the island, but that was after the commencement of criminal proceedings against him in the US. He has now been extradited to the US and is out on a $250 million controversial bail bond.