Bahamas Supreme Court docket on Nov. 21 ordered bankrupt crypto alternate FTX to indemnify and reimburse the Securities Fee of Bahamas (SCB) for bills it’s going to incur whereas safekeeping its digital belongings.
Securities Fee of The Bahamas Secures Court docket Order For Proper of Indemnity and Reimbursement. https://t.co/j7AAxZhdrQ pic.twitter.com/aBQLJtYQ8q
— Securities Fee of The Bahamas (@SCBgov_bs) November 22, 2022
On Nov. 18, the watchdog revealed that it directed the embattled agency to switch crypto belongings below its management to the Fee’s pockets on Nov. 12.
In response to the Nov. 21 press assertion, the SCB mentioned:
“[The court order]confirms the Fee is entitled to be indemnified below the legislation and FDM shall in the end bear the prices the Fee incurs in safeguarding these belongings for the good thing about FDM’s clients and collectors, in a fashion much like different regular prices of administering FDM’s belongings for the good thing about its clients and collectors.”
It added that no cost can be made to its coffers with out the court docket’s approval.
The management of FTX’s belongings has generated a number of controversies inside the crypto group. Earlier this week, the FTX hacker pockets started dumping round $60 million price of Ethereum (ETH) for Bitcoin (BTC). Reviews additionally emerged that the hacker was spoofing the meme coin transactions.
In the meantime, the Bahamian regulator had earlier denied granting FTX the suitable to prioritize the withdrawal of Bahamian belongings.
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