Bahamas Security Commission appoint liquidators for the country's FTX unit

ftx bankrupt

The Securities Commission of The Bahamas have appointed liquidators for FTX Digital Markets Ltd, which is the licensed subsidiary of FTX in the country. The Commission said that it has won court approval and appointed two members from PWC to oversee the FTX unit.

The news comes barely a day after the government of the country said that a team of financial investigators are looking for any possible criminal misconduct in FTX.

In a statement, the Royal Bahamas Police said:

"In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd, a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred."

FTX was itself investigating a possible theft of crypto assets. According to analytics firm Elliptic, there could be approximately $473 million worth of assets that were moved out of FTX wallets in suspicious circumstances.

On November 11, FTX filed for bankruptcy while its founder Sam Bankman-Fried stepped down as its CEO. The crypto turmoil has vanished at least $1 billion customer funds from the platform.

There was also a speculation about Samuel Bankman-Fried's whereabouts following the disappearance of crypto in the hundreds of millions. One such rumor was that he had flown to South America. However, in a text message to Reuters, he denied that he was in Argentina, saying he was still in the Bahamas.

The collapse of FTX, which was once the second largest crypto exchange in the world, has shocked investors and the general public alike, while prompting for fresh calls to regulate the crypto sector across the globe.

Source: Reuters

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