FTX Hack: Bahamas Regulator Takes U-Turn Over Moving FTX Assets Claim

FTX HACK NEWS: As the FTX contagion is expanding, the regulators are taking U-turn from their prior claims. According to a media release shared by the Securities Commission of The Bahamas, the watchdog took the action of directing the transfer of all FTX digital assets to a digital wallet.

Regulators contradicting claims over FTX hack

Mario Nawfal, CEO of IBC group, mentioned that the Securities Commission of the Bahamas is now contradicting their prior claim. Earlier, they informed that the watchdog did not direct funds to be moved from FTX wallets.

However, now they admit that they ordered FTX to drain all FTX digital markets assets. The letter mentioned that urgent regulatory action was required to protect the interests of clients and creditors related to the FTX.

It highlighted that the commission doesn’t have the knowledge that FTX Digital Markets Ltd. is a party to the US Chapter 11 bankruptcy proceedings. The commission added that in the coming days they will engage with other regulators and authorities.

Bahamas’ regulator will connect with multiple jurisdictions in order to address matters affecting the creditors and stakeholders of FTX. It will try to obtain the best possible outcome.