Bahamas Regulator Maintains Estimate of FTX Assets, According to Reuters

The Securities Commission of the Bahamas (SCB) rejected claims made by FTX regarding the cryptocurrency assets belonging to its Bahamian division. The regulator stated that the information available to the bankrupt exchange’s debtors was “incomplete.”

In a previous announcement, the SCB indicated that it had seized over $3.5 billion in cryptocurrency from FTX Digital Markets, which it is holding for future payments to customers and other creditors. FTX, however, contested this valuation, asserting that the assets taken in November were worth only $296 million.

In a statement on Monday, the SCB responded to FTX’s assertions, stating, “Such public assertions by the Chapter 11 debtors were based on incomplete information.” There has been no immediate reply from FTX, which has had ongoing disputes with Bahamian officials since filing for bankruptcy protection on November 11.

Bahamian authorities have sought access to FTX’s records to aid in the liquidation of FTX Digital Markets. However, the company’s U.S. bankruptcy team has expressed distrust in providing them with this information.

Sam Bankman-Fried, the founder and former CEO of FTX, was arrested on fraud charges and is expected to be arraigned soon. The company’s new CEO, John Ray, has reported that the cryptocurrency exchange lost approximately $8 billion of customer funds.