The Bahamas Securities Commission Asks Sam Bankman-Fried To Leave Funds Of IDR 4.7 Trillion

The Bahamas regulator confiscated FTX funds. (Photo; Doc. DiaFintech)

JAKARTA The Bahamas Regulator, the Bahamas Securities Commission (SCB) reportedly ordered FTX founder Sam Bankman-Fried and his partner Gary Wang to send funds worth US$296 million (around Rp4.7 trillion).

Previously, on December 30, FTX and debtors admitted that the funds had been confiscated by the regulator and transferred without the previous FTX approval. However, debtors confirmed SCB had instructed the SBF to send $290 million in crypto assets to the Fireblocks wallet address.

For information, Fireblocks is a crypto wallet owned by SCB. According to a CryptoSlate report, the sset transferred by Bankman-Fried includes 195 million FTT, 1,938 ETH, and various other cryptocurrencies without significant value.

Although the assets were worth $296 million in November, the value has now decreased to just US$167 million. FTX notes that although SCB holds the asset, regulators may not be eligible to sell this large amount of FTT tokens at current spot prices.

FTX and related debtors say that their allegations are based on available evidence and assert that SCB "admits that it regulates this transfer." However, yesterday's SCB announcement did not offend FTX claims.

FTX insists that Bankman-Fried, Wang, and the Bahamas Securities Commission have no right to take over control of the assets in question. The company said it would now try to regain the assets and hand them over to creditors through its bankruptcy process.

FTX Asks for Clearness

The shipment of $296 million in cryptocurrencies is allegedly not part of the US$3.5 billion asset seized by SCB some time ago. According to reports, the US$296 million crypto asset was sent to SCB on November 12 at the direction of the highest court in the Bahamas.

The assets are thought to have come from FTX Digital Markets. Therefore, FTX asked SCB to provide clarity regarding the funds in the cryptocurrency worth IDR 4.7 trillion and the amount confiscated by the regulator.

For information, FTX Digital Markets is the only business related to FTX controlled by the Bahamas Securities Commission. He noted that the Digital FTX market initially did not have the confiscated crypto and did not operate the FTX.com exchange.

Responding to the shipment, Sam Bankman-Fried denied that he had transferred funds from addresses related to Alameda Research. The funds are considered to have been transferred this week and are worth only $1.7 million. Thus, the funds appear not to be linked to hundreds of millions of dollars allegedly transferred by the SBF to the Bahamas Securities Commission in November.