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FTX Debtors Provide Information Concerning Bahamas Crypto Seizure

Funviralpark 2 years ago 0 3

Wilmington, Dell., December 30, 2022 /PRNewswire/ — FTX Trading Ltd. (dba FTX.com) and its related debtors (collectively, the “FTX Debtors”) today announced that: Cryptocurrency of FTX debtors under the control of the Securities Commission of Bahamas (“Bahamas commission”).

upon November 12, 2022after the start of Chapter 11 of FTX Debtors, Cryptocurrency Of FTX debtors, about 195 million FTT, 1,938 ethereum Other coins with no real value.Blockchain information shows this Cryptocurrency It now resides in a single digital wallet on Fireblocks.

Based on evidence held by FTX debtors, November 12, 2022, Bahamas The commission instructed Bankman-Fried and Wang to transfer digital assets to Fireblocks wallets.of Bahamas The Commission coordinates these transfers and acknowledges holding digital assets in a single Fireblocks digital wallet consistent with what is shown on the blockchain.

The value of the Cryptocurrency With this Fireblocks wallet, the spot price at the time of transfer is approximately $296 million, according to etherscan.io, assuming the full amount of FTT can be sold at the then-current spot price.same value Cryptocurrency at the current spot price 2:00 p.m. EST upon December 30, 2022 was approximately $167 million, with the same assumptions. There is no guarantee that such a large amount of his FTT can be sold at the spot price.

of Bahamas The Commission issued a press release today, Cryptocurrency What they kept was worth more $3.5 billion when transferring. The press release does not specify its type. Cryptocurrency method of seizure or evaluation; and Bahamas The Commission has not provided FTX Borrowers with additional information to resolve valuation disparities. FTX Debtors Bahamas The Commission will clear up any confusion caused by recent statements and keep the public informed. Cryptocurrency seized and how they were evaluated for the purposes of these statements.

In addition, FTX Debtors: Bahamas Mr. Bankman-Fried, Mr. Wang, or Bahamas the commission had the right to take Cryptocurrency Responsible for FTX Debtors and FTX Debtors seeking return of seized assets Cryptocurrency Promptly to the property of Chapter 11 for the benefit of the creditor.of Bahamas The Commission only regulates FTX Digital Markets Ltd. (“FTX DM”). BahamasFTX DM is not the owner or operator of the FTX.com exchange, nor is it its owner or manager. Cryptocurrency seized.

See https://cases.ra.kroll.com/FTX/ for more information on Chapter 11 cases for FTX Debtors.

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The FTX Debtors are represented by Sullivan & Cromwell LLP as legal counsel and Alvarez & mersal north americaLLC is the financial advisor and Perella Weinberg Partners LP is the investment banker.

SourceFTX

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