-The Bahamas Securities Commission is temporarily holding $3.5 billion worth of assets owned by FTX Digital Markets Ltd.
-The Commission has taken control of the assets and is waiting for directions from the Bahamian Supreme Court on how to distribute them to FTX’s creditors and customers.
-The Commission determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of FTX.

The Bahamas Securities Commission (SCB) has taken control of the assets belonging to FTX Digital Markets Ltd, worth $3.5 billion, in an effort to protect them from dissipation. The Commission has sought directions from the Bahamian Supreme Court on how to distribute the assets to FTX’s creditors and customers.

The Commission took this drastic measure after FTX founder Sam Bankman-Fried reported a cyberattack on the firm’s system. As a result, the SCB transferred all digital assets under the control or custody of FTXDM or its principals to wallets controlled by the SCB on November 12th.

The Commission determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of FTX. As a result, the Commission took the necessary precautions to safeguard the assets in its custody.

The Commission has stated that it would only release the assets to creditors and customers that own them or the joint provisional liquidators as directed by The Bahamas Supreme Court.

The drastic move by the Commission to take control of FTX’s assets is an effort to protect them from dissipation. It is also an attempt to ensure that FTX’s creditors and customers will receive the assets to which they are entitled. The Commission is currently awaiting the Supreme Court’s directive on how to distribute the funds.