FTX Assets Frozen By Bahamian Regulator

Bahamian regulators have frozen the assets of FTX Digital Markets and related parties, calling it a "prudent course of action" to "preserve assets and stabilize the company," according to a press release on Thursday. CoinDesk reports: The Securities Commission of the Bahamas also suspended FTX's registration and appointed an attorney -- Brian Sims, a senior partner at Lennox Paton -- as a provisional liquidator of the assets. FTX is based in the Bahamas and is a separate entity from FTX US.

"The commission is aware of public statements suggesting that clients' assets were mishandled, mismanaged and/or transferred to Alameda Research. Based on the commission's information, any such actions would have been contrary to normal governance, without client consent and potentially unlawful," the commission said in its release. For a recap of events surrounding FTX, check out the related links below.

What?

[TwistedGreen]

What does any of this even mean

Re:

[Fly Swatter]

A 'provisional liquidator of the assets' has been assigned, so it sounds like client 'deposits' may or may not get their money back (if anything is left) and after that any creditors get what is left of the carcass.

Instead of a standard bankruptcy, it seems more like they are handling it like what happens when a bank fails so just maybe the anonymous poster below asking if they can get their money might have priority here.

Re:

[Retired Chemist]

That might depend on whether there is anything left. It sounds like the people running it looted it and lost the money propping up their hedge fund.

Re:Fuuuuuck

[Opportunist]

Well, can't make a crypto omelette without breaking a few nest eggs.

Bahamian regulators have frozen the assets

[bsdetector101]

It's got to be bad when Bahamian regulators have frozen assets. Bahamia has been known for years as a place to secretly hide/transfer $$$ from the US to other countries to avoid paying taxes. When the scum start blocking crypto assets, you know it's bad.