• The Securities Commission of the Bahamas (SCB) has rejected allegations made by FTX’s new CEO John J. Ray III over the digital assets held by the regulator.
• The SCB seized more than $3.5 billion in cryptocurrencies from FTX Digital Markets, which it was keeping for future payments to consumers and other creditors.
• The SCB criticized Ray for failing to reply to the commission’s letter from Dec. 7 that offered cooperation and for hindering the inquiry by not allowing court liquidators access to FTX’s AWS system.

The Securities Commission of the Bahamas (SCB) recently released a statement refuting allegations made by FTX’s new CEO John J. Ray III regarding the value of digital assets seized by the regulator. According to the SCB, Ray’s claims that the value of the digital assets confiscated in November was just $296 million in FTT tokens, not $3.5 billion, is false information and defamation.

The SCB had announced last month that it had taken control of more than $3.5 billion in cryptocurrencies from FTX Digital Markets, which it was keeping for future payments to consumers and other creditors. However,Ray’s claims that the value of the stolen FTT tokens would have plunged to $167 million came under scrutiny by the regulator.

The statement also claimed that Ray had failed to contact the SCB to ask how the FTX funds were stolen and confiscated and had refused to reply to the commission’s letter from Dec. 7 that offered cooperation. The panel voiced worry that its inquiry is being hindered by the Chapter 11 debtors‘ insistence on not allowing the court liquidators access to FTX’s AWS system.

The SCB noted that it is committed to protecting the rights of consumers and creditors and will continue to take measures to ensure that the funds are properly safeguarded. The regulator also urged Ray to cooperate with the investigation and to provide the necessary information and documents.

In conclusion, the SCB’s statement serves as a reminder that any information or claims provided by FTX’s new CEO should be taken with a grain of salt. The regulator will continue to investigate the issue and take the necessary steps to ensure that the funds are properly safeguarded and that the rights of consumers and creditors are protected.

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