The Securities Commission of the Bahamas has taken custody of FTX deposits valued at more than $3.5 billion as of Nov. 12, according to a media release published late Thursday by the SCB.
(Fernando Jorge/Unsplash)
Shortly after FTX filed for bankruptcy, about $372 million worth of tokens were stolen from the exchange by an unknown actor thought to be an external hacker.
Given media reports of a cyberattack on FTX, and possible looting of FTX-controlled wallets by former employees, the Commission said in its statement it “determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of [FTX] to the prejudice of its customers and creditors.”
Assets will be held until the Bahamas Supreme Court directs the Commission to deliver them to the customers and creditors who own them, the statement says.
The Commission said that FTX founders Sam Bankman-Fried and Gary Wang no longer had access to the $3.5 billion in tokens that were transferred.
Token Roundup
Doge (DOGE): The meme coin fell to its lowest level since Oct. 26, as it lost about 3.4% on Friday, falling to $0.07. It was the fourth straight week of losses for DOGE.
Bitcoin (BTC): Thelargest cryptocurrency by market value dropped 0.6% on Friday, ending the week about 1.8% lower, at $16,534. Equities markets fell again on the last trading day of the year as traders digested its worst losses since 2008. The tech-heavy Nasdaq Composite ended the day 0.7% lower, while the S&P 500 and Dow Jones Industrial Average (DJIA) fell about 0.6%.
Ether (ETH): Similar to BTC, the second-largest cryptocurrency by market capitalization was little changed on Friday, trading about 0.3% higher over the past 24 hours at $1,195.
Market Analysis: The Year in Review
CoinDesk Managing Editor of Technology Christie Harkin and CoinDesk Deputy Managing Editor Tracy Wang join “All About Bitcoin” to discuss the most significant crypto stories from 2022, with a focus on the FTX implosion and Bitcoin’s key milestones.
Listen 🎧: Today’s “CoinDesk Markets Daily” podcast discusses the latest market movements and looks at the future and evolution of the Ethereum Virtual Machine.
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