Bahamas seizes billions of dollars in FTX customer funds

he Bahamian Securities Commission (BSC) has said it took control of FTX deposits valued at more than $3.5 billion, shortly after the crypto exchange filed for Chapter 11 bankruptcy protection in November.

According to a media release published late on Thursday by the commission, all digital assets in FTX's Bahamas unit FTX Digital Markets were seized due to a risk of their “imminent dissipation.”

The report highlighted that shortly after FTX filed for bankruptcy, about $372 million worth of tokens were stolen from the exchange by an unknown actor thought to be an external hacker. FTX then saw nearly $700 million of token outflows within a 24-hour span, according to blockchain research firm Nansen.