Connect with us

Blockchain

FTX was ordered to pay reimbursement fees to the Bahamas regulators

Avatar

Published

on

The issue of bankrupt cryptocurrency exchange FTX continues to escalate with each passing day, with the latest coming from the Bahamas, which was once their headquarters.

The Bahamas Supreme Court issued an order in favor of the Securities Commission on November 21, ordering the ailing cryptocurrency exchange to pay a reimbursement fee to the regulator for holding its digital assets after He filed for bankruptcy on November 11.

set the supreme court FTX digital assets under supervision Securities Commission on November 12. The committee, in its public notice, acknowledged the ruling and indicated that all payments will be made after the approval of the Supreme Court. The official statement, obtained by Cointelegraph, reads as follows:

Advertisement

“The order secured today confirms that the Commission is entitled to compensation under the law and FDM will eventually bear the costs incurred by the Commission in protecting those assets for the benefit of FDM’s clients and creditors, in a manner similar to other ordinary costs of managing FDM’s assets for the benefit of its clients and creditors.”

The Bahamas Securities Commission’s Digital Asset Custody Services has also given FTX fuel to intrigues suggesting that a commission was behind the hacking of several FTX wallets. However, the Black hat money transfer patterns It included money laundering techniques, which eliminated the chances of a government agency being behind the hack.

Related: SBF and FTX execs are said to be spending millions on real estate in the Bahamas

FTX’s bankruptcy filing exposed several financial holes in the cryptocurrency exchange’s balance sheet. The stock exchange currently owes $3 billion to 50 of its largest creditors, while the total list of creditors may exceed the same million.

John Ray III, who oversaw Enron’s bankruptcy proceedings, was named FTX’s new interim CEO and did not hold back during the Chapter 11 filing. He described the situation as The worst he’s ever seen in his corporate career, highlighting the “total failure of corporate controls” and the absence of trustworthy financial information.