Bahamas awaits court order to release $3.5B in seized FTX funds

The Securities Commission of The Bahamas (SCB) is awaiting court orders to release $3.5B of FTX funds to its clients. While SBF reportedly withdraws over $684K,

The FTX saga takes a new turn with a Press release Stating to the Securities and Commission of the Bahamas (SCB) that they control a $3.5 billion FTX fund. Meanwhile, Sam Bankman-Fried withdraws money By Almeida accounts, trying to leave no trace behind.

Bahamas regulators await court order on seized $3.5B FTX funds

SCB revealed that they took control of FTX’s assets on 12 November due to a “significant risk of imminent liquidation” shortly after the firm filed for bankruptcy. The assets were valued at over $3.5 billion based on market valuations when SCB took control.

SCB further states that the funds are exclusively under their control. The commission is awaiting orders from The Bahamas Supreme Court to direct the funds to those who own them, i.e. customers and creditors of FTX. Big relief for FTX customers?

SBF withdraws $684K

According to an analyst with the Twitter username- BowTiedIguana, SBF has redeemed $684K through a crypto exchange in Seychelles. Analyst discovered an old tweet from SBF from September 2020, when he took control sushiswap Exchange. SBF shared its address, which begins with 0xD575With the founder of SushiSwap.

Immediately after Sam Bankman-Fried got out of jail on bail, he Transfer some 0.6659 Ether into a new account from 0xD575, starts with 0x7386, Although the amount was not significant, it is worth noting that the destination address is the one receiving the funds from the Alameda accounts. In fact, upon its creation purseThe first transaction it received was from Alameda Research.

bow tie iguana reports 570 ETH worth approximately $684,000 was transferred from this new wallet to various destinations.

0x7386 has made multiple transactions to another new wallet, 0x64e9, This wallet has also received over $1 million from Alameda Research accounts. The controllers of these accounts transfer funds to other accounts and finally use ChangeNOW and FixedFloat to withdraw funds secretly.

One SEC complaint It is further revealed that the disgraced founder ran a fake electronic store website, North Dimension, as an Almeida subsidiary. The complaint alleges that “Bankman-Fried instructed FTX that customers send funds to North Dimension in an attempt to conceal the fact that the funds were being sent to an account controlled by Almeida.”

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disclaimer

BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.


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