FTX Moved $7.7B of Bahamian Assets to US Before Filing for Bankruptcy
According to the interim managers of bankrupt crypto exchange FTX, shortly before filing for insolvency in November 2022, the company transferred a total of $7.7 billion in assets from the Bahamian to the company’s division in the United States.
According to them, $5.6 billion was withdrawn from the custody accounts of the Bahamian division of FTX Digital to FTX US. Another $2.1 billion was transferred to Alameda Research.
The liquidator’s attorney, Christopher Shore, has explained:
“In addition, we have other tangible assets worth about $3 million, including office furniture, equipment and a fleet of cars that belonged to employees in the Bahamas.”
New FTX management agreed in January to work with court-appointed liquidators in the Bahamas to resolve disputes.
