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Bahamas Security Commission Weighs on Recent FTX Hack

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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The Bahamas’ Securities Commission claims that the ongoing “hacking attempts” on the digital assets of FTX hint that they were right to seize control of the exchange’s assets on November 12.

In its most recent statement, the commission claimed that although it had stopped FTX Digital Markets’ (FDM) ability to conduct business and removed its directors’ authority on November 10, these actions were insufficient to safeguard FDM’s clients and creditors.

The commission added that it sought a ruling from the Supreme Court authorizing the transfer of all digital assets from FTX to the commission for “safekeeping” because of the “nature of digital assets” and “the risks associated with hacking and compromise.”

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