Bahamas Securities Commission: Seizing FTX assets was the right decision

ChainCatcher news, the Bahamas Securities Commission (SCB) released a latest announcement explaining why it decided to confiscate FTX assets. The regulatory body stated that merely liquidating FTX Digital Markets (FDM) is not enough, as there are still risks associated with hacking and violations, so the decision to confiscate FTX assets is the correct one.

The Bahamas Securities Commission also stated that FTX's new CEO John Jay Ray III has "distorted" the agency's legitimate actions through "exaggerated" and "inaccurate" claims. The relevant actions are based on seeking additional orders authorized by the Bahamas Supreme Court under the "Digital Assets and Registered Exchanges Act," and transferring all digital assets of the exchange to a digital wallet exclusively controlled by the Bahamas Securities Commission can allow "FDM customers and creditors to benefit." (source link)