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FTX ordered to pay settlement fees to Bahamian regulators

by SuperiorInvest

The troubles of the bankrupt cryptocurrency exchange FTX are increasing by the day, with the latest coming from the Bahamas, once its headquarters.

On Nov. 21, the Supreme Court of the Bahamas issued an order in favor of the Securities and Exchange Commission, ordering troubled crypto exchanges to pay the regulator compensation for holding fees for their digital assets. filed for bankruptcy on Nov. 11.

The Supreme Court placed FTX digital assets under supervision Securities and Exchange Commission on November 12. In its public order, the commission acknowledged the judgment and noted that any compensation would be made after approval by the Supreme Court. The official statement obtained by Cointelegraph reads:

“The order secured today confirms that the Commission is entitled to indemnification at law and FDM will ultimately bear the costs incurred by the Commission in protecting these assets for the benefit of FDM’s customers and creditors, in a manner similar to other ordinary costs of managing FDM. assets for the benefit of its customers and creditors.’

The Bahamas Securities Commission’s digital asset custody services for FTX have also contributed to conspiracies suggesting that the commission is behind the hacking of multiple FTX wallets. However, black hat fund transfer patterns involved money laundering techniques that eliminated the chances of the government body behind the hack.

Related: SBF, FTX Execs Reportedly Spending Millions on Bahamas Real Estate

FTX’s bankruptcy filing exposed several financial holes in the disgraced crypto exchange’s balance sheet. The stock market currently owes $3 billion to 50 of its largest creditors, with the total list of creditors alone possibly exceeding a million.

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

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