Monday, 28 Nov 2022

FTX assets frozen by Bahamas regulator as crypto exchange fights for survival

FTX assets frozen by Bahamas regulator as crypto exchange fights for survival


FTX assets frozen by Bahamas regulator as crypto exchange fights for survival

The Securities Commission of the Bahamas said on Thursday it had frozen the assets of FTX Digital Markets and related parties, as well appointing a liquidator for the unit.

The move came as Bankman-Fried scrambled to find funds to plug a financial hole in the Bahamas-based exchange that could be as deep as $8bn (£6.8bn), according to multiple reports, as customers rush for the exit.

FTX customers withdrew $6bn in the 72 hours before Tuesday morning, Reuters reported, citing a message to staff at FTX, when the exchange was forced to block further redemptions in an effort to remain solvent. It has yet to restart withdrawals, is blocking new account signups and advising existing customers against making deposits with FTX.

Bitcoin, the cornerstone crypto asset, fell 2.6% on Friday to about $17,340, having jumped on Thursday when markets rallied after US inflation fell more than expected.

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