Bahamas Regulators Hold $3.5 Billion Worth of FTX Customer Assets

Former FTX chief executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, walks from the Manhattan federal court after securing bail in New York, on Dec. 22, 2022. Jeenah Moon/Reuters

Regulators in the Bahamas are holding on to $3.5 billion worth of FTX assets that it claims are intended to be transferred to those who were monetarily affected by the crypto-fallout as customers of the company have filed a lawsuit to get their dues prioritized.

After crypto exchange FTX filed for bankruptcy in November, around $372 million worth of tokens were stolen from the company by an unknown actor. Based on the information regarding the cyberattack provided by former CEO Sam Bankman-Fried, the Securities Commission of The Bahamas determined that there was a “significant risk of imminent dissipation” of digital assets owned or under the control of FTX.