The Authority of the Bahamas Confiscates the Assets of FTX Users Equivalent to IDR 54.3 Trillion

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After FTX filed for bankruptcy, the Bahamian Authority claimed to have confiscated the assets of FTX users with a value equivalent to IDR 54.3 trillion.

The FTX scandal hit the headlines in the final quarter of 2022, driving concern among crypto investors and once again leading the price of Bitcoin and the majority of altcoins south.

FTX platform users also experienced losses, where they demanded the return of assets after the company's assets were frozen.

Bahamas Holds Assets of FTX Users

According to a Reuters report, the assets of FTX users have been under exclusive commission control in digital wallets held by the Securities Commission of the Bahamas since November.

The Commission claims that the assets were received immediately after Alameda Research and its affiliated companies filed for bankruptcy in US courts.

On Thursday (29/12/2022), the Commission revealed that it held US$3.5 billion in FTX user assets, equivalent to Rp.54.3 trillion, based on market prices on that day.

The Commission said that while it would still hold onto the assets until it was returned to the creditors who had rights over them.

The Commission explained that once the funds were in their hands, FTX leaders such as Sam Bankman-Fried and Gary Wang no longer had access to the assets that had been frozen.

“All transferred assets were and remain under the control of the Commission,” said Executive Director of the Bahamas Securities Commission, Christina Rolle.

On the other hand, Lawyers for crypto exchange FTX have refused to disclose the company's internal records regarding business in the Bahamas.

The attorneys did not trust the Bahamian Government because they could use the records to siphon assets from bankrupt companies.

The Baham Authorities appointed a liquidator to forcibly terminate FTX's global crypto business right after the company filed for bankruptcy.

"The actions of the Government of the Bahamas do preserve assets that could be lost or stolen, but they can also deepen disputes between US-based company bankruptcy proceedings and liquidation of the Bahamas," said Deborah Kovsky-Apap, a Bankruptcy Attorney who was not involved in the FTX case.

Deborah assessed that both parties should focus more on working together, sorting out which creditors should receive returns on assets that have been frozen.

According to him, this was a difficult step and required the involvement of all parties because FTX user funds had been mixed with Alameda's funds.

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