The Bahamas Regulator Maintains Its Estimate Of FTX Assets

(Reuters) - The Securities Commission of the Bahamas (SCB) denied on Monday FTX's allegations concerning the digital assets of its Bahamas business seized by the regulator, claiming the debtors of the insolvent cryptocurrency exchange had “incomplete information”.

The SCB said last month that it had seized more than $3.5 billion in cryptocurrencies from the FTX Digital Markets business, which it was keeping for future reimbursement to consumers and other creditors.

FTX challenged SCB's figures, claiming that the digital assets confiscated in November were only worth $296 million, not $3.5 billion.

“Such public representations by Chapter 11 debtors were based on inadequate information,” the agency said Monday in a statement.

FTX did not respond immediately. The company has been in conflict with the Bahamian government since declaring bankruptcy on November 11.

Bahamas authorities have requested access to FTX's documents in order to assist with the liquidation of FTX Digital Markets, but the company's U.S. bankruptcy team has said that it does not trust them with the information.

Sam Bankman-Fried, the founder and former CEO of FTX, was arrested on fraud charges and is scheduled to appear in Manhattan federal court on Tuesday before U.S. District Judge Lewis Kaplan.

According to the firm's new CEO, John Ray, the exchange lost $8 billion in client funds.

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