The FTX unit of the Bahamas is given liquidators by the Bahamas Security Commission.

For FTX Digital Markets Ltd., the authorised subsidiary of FTX in the nation, the Securities Commission of The Bahamas has appointed liquidators. The Commission claimed to have obtained judicial authority and appointed two PWC employees to supervise the FTX section.

The announcement was made just a day after the nation’s government announced that a team of financial investigators is investigating into potential criminal activity at FTX.

The Royal Bahamas Police stated in a statement:

“A team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate whether any criminal misconduct occurred in light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd.”

Even FTX was looking into a potential digital asset heist. Elliptic, an analytics company, estimates that $473 million worth of assets may have been removed from FTX wallets in questionable ways.

On November 11, FTX filed for bankruptcy as Sam Bankman-Fried, the company’s founder, resigned as CEO. At least $1 billion in user cash have gone from the site due to the cryptocurrency instability.

Following the disappearance of cryptocurrency worth hundreds of millions of dollars, there was also concern regarding Samuel Bankman-whereabouts. Fried’s He had travelled to South America, according to one of these rumours. He refuted being in Argentina, claiming to be still in the Bahamas in a text message to Reuters.

Investors and the general public have been shocked by the collapse of FTX, which was once the second-largest cryptocurrency exchange in the world. This has renewed calls for regulation of the crypto industry globally.

Christopher Woodill

About ME

Enterprise technology leader for the past 15+ years…certified PMP, Six Sigma Black Belt and TOGAF Enterprise Architect. I collaborate with companies to help align their strategic objectives with concrete implementable technology strategies. I am Vice President, Enterprise Solutions for Klick Health.

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