The collapse of the FTX crypto exchange has had an extensive effect on the cryptocurrency market, leading to a bearish trend and a decrease in the prices of all digital currencies and related businesses.
FTX then declared bankruptcy in an effort to address the ongoing crisis. Unfortunately, almost $372 million in tokens were stolen from the exchange shortly after the filing.
The CEO of FTX, Sam Bankman, promptly notified the Bahamian Securities Commission, who seized control of all the digital resources worth $3.5 billion belonging to FTX customers.
The assets will remain under the exclusive authority of the Bahamian authorities until the bankruptcy case is resolved and the Bahamas Supreme Court can declare a list of creditors and customers to whom the funds will be returned.
It should be noted that, according to FTX CEO John J Ray III, international customers lost more money than US citizens.
The Bahamian Securities Commission has stated that there is a considerable risk of “imminent dissipation” for the assets if they remain with FTX and that they may not be directed to customers and creditors.