FTX claims that $296 million, not $3.5 billion, of the company’s assets are held by Bahamas regulators.

The digital assets of FTX were only worth $296 million when the Commission confiscated them in November, the company claimed in a statement. The commission should “clear up any doubt,” according to FTX, about the assets it owns and their worth.

FTX
Source – Getty images

The company’s subsidiary with headquarters in the Bahamas, FTX Digital Markets Ltd., was subject to liquidation proceedings by the regulator in November. Since FTX DM is merely a “local service firm” and does not hold the FTX.com exchange or any of the cryptocurrencies seized, FTX said it will seek the recovery of any assets that have been taken.

FTX’s consumers and creators will eventually be paid back with the approximately $3.5 billion in bitcoin that SCB claimed to have confiscated on Thursday.

The SCB did not specify the kind of cryptocurrency that was seized or its estimated worth.

According to FTX’s statement on Friday, its own FTT tokens made up the majority of the cryptocurrency that was seized. As of Dec. 20, the value of the confiscated FTT tokens would have plummeted to $167 million, and the SCB might not be able to find a buyer for such a sizable stake even at that reduced price, according to FTX.

A Friday comment request did not receive a prompt response from SCB.

FTX and Bahamian authorities have been at odds since since FTX requested bankruptcy protection on November 11. In order to help with the liquidation of FTX DM, Bahamian officials have requested access to FTX’s data, but FTX’s U.S. bankruptcy team has stated that they do not trust Bahamian officials with that information.

Sam Bankman-Fried, the founder and former CEO of FTX, was detained on suspicion of fraud and will likely be charged on January 3, 2023, in federal court in Manhattan before U.S. District Judge Lewis Kaplan. According to John Ray, the new CEO of FTX, the exchange lost $8 billion in client funds.

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