According to Foresight News, the Securities Commission of the Bahamas issued a document stating that on Nov. 12, 2022, the Commission, in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of under the custody or control of FTXDM or its principals, valued at more than US$3.5B, based on market pricing at the time of transfer, to digital wallets controlled by the Commission, for safekeeping.
According to the Commission, in order to promote the protection and security of the assets being held by the Commission for the customers and creditors of FTXDM, the above steps were conducted under a sealing order requested by the Commission and granted by the Supreme Court of The Bahamas on 16 November 2022.