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FTX Must Pay Expenses Incurred by Bahamas Regulator for Holding the Exchange's Digital Assets

The Securities Commission of the Bahamas last week ordered the contents of FTX's crypto wallets to be transferred to government-controlled wallets.

Mise à jour 9 mai 2023, 4:03 a.m. Publié 22 nov. 2022, 7:30 a.m. Traduit par IA

FTX is responsible for all costs associated with the digital wallet that holds FTX Digital Markets' assets, which is being kept under the supervision of the Securities Commission of the Bahamas, the country's Supreme Court ruled on Monday.

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"The Order secured today confirms the Commission is entitled to be indemnified under the law and FDM shall ultimately bear the costs the Commission incurs in safeguarding those assets for the benefit of FDM’s customers and creditors, in a manner similar to other normal costs of administering FDM’s assets for the benefit of its customers and creditors," the statement said. "No payment(s), however, may be made to the Commission without prior approval of the Supreme Court."

In another case involving FTX's implosion and multiple jurisdictions, Bloomberg News reported the Bahamas court agreed to move one piece of FTX’s restructuring case to a U.S. court in Delaware, citing a court filing.

Liquidators appointed in the Bahamas for one FTX affiliate agreed to move a case they filed in New York to Delaware, where more than 100 units are under the oversight of a federal judge, FTX lawyers said in papers filed in U.S. Bankruptcy Court in Wilmington, Delaware.

FTX FTT Bahamas Bankruptcy

Greg Ahlstrand

Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too.

I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education.

I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings.

Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid.

I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.