Hey Peeps!

The Bahamas is currently in possession of roughly $3.5 billion worth of FTX's assets. 

This is confirmed by a December 29th Press Release from the Securities Commission of The Bahamas.

Based off this document, The Bahamas effectively took control of these assets on November 12th, which was the day after FTX filed for Bankruptcy. 

One of the reasons for The Bahamas taking over the assets was the risk of hacks and cyber attacks, which turned out to be a smart move as FTX was indeed hacked for $650 million shortly after their Bankruptcy announcement. 

The Securities Commission of The Bahamas intends on holding onto these assets until they can be distributed to customers and creditors.

It appears that they will await direction from FTX's bankruptcy proceedings. 

"The digital assets transferred on 12 November 2022 to digital wallets under the exclusive control 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 JPLs to be administered under rules governing the insolvency estate for the benefit of the customers and creditors of FTXDM."

- Christina R. Rolle, Executive Director of the Securities Commission of The Bahamas

This $3.5 billion should certainly help with getting customers their funds back as soon as possible.

I hope there is no funny business between the governments of The Bahamas, USA, and any other affected country. 

Do you think The Bahamas took control of the assets with good intentions?

Do you think customers will get first dibs on these newly located assets?

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:)