$3.5 billion: Good news – most of the FTX money has been saved after all

Good news from the Bahamas government: authorities have already announced that assets from failed cryptocurrency exchange FTX can be secured. It has now been announced that $3.5 billion is available to return to creditors.

The Bahamas government announced this in a public statement (via bloomberg). It now says it is just waiting for the go-ahead from the country’s Supreme Court to start paying the seized funds to their rightful owners, namely customers and creditors of the insolvent cryptocurrency exchange.

Authorities in the country where FTX is headquartered seized the assets shortly after the company filed for Chapter 11 bankruptcy.
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It was not clear how much money “disappeared”.

in one of the Authorities published a PDF document It states that the decision to take exclusive control of the assets was made after a cyberattack targeting FTX resulted in a loss of funds. The authorities said there was a “high risk that digital assets will disappear completely,” so they used their regulatory powers to protect the assets.

The news came shortly after a report said that billions of dollars in assets had simply disappeared.

Those Who Sam Bankman fried Those entrusted with their money must now await a claim procedure that will be made available at some point in the future. They will be able to recover some of their fortunes, but it is not yet clear how much. The fact that the Bahamas is still holding such high values ​​seems to bode well for creditors.

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