Assets worth more than $3.5 billion are provisionally seized by the Bahamas regulator from the FTX entity.

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By Degen Lipsa

All digital assets valued at more than $3.5 billion that were held by FTX’s Bahamas division .FTX Digital Markets were ordered to be transferred to digital wallets under the Securities Commission of the Bahamas’ jurisdiction, the commission announced on Thursday. The regulator stated that the digital assets are only being held momentarily.

“All transferred assets were and remain under the sole control of the commission,” Rolle said.

According to an affidavit submitted to the Bahamas Supreme Court by the commission’s executive director, Christina Rolle, Sam Bankman-Fried and Gary Wang no longer had access to the tokens that were transferred or frozen after the transfer was complete.

Earlier this month, attorneys for the crypto exchange FTX objected to a request for internal documents from its Bahamian subsidiary, stating that they “do not trust” the Bahamian government with information that could be used to steal assets from the failing business.

Authorities in the Bahamas, where the company’s headquarters were located, hired liquidators to close down FTX’s worldwide trading operation that same week.

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