Earlier this week, a group of FTX users filed a lawsuit against FTX to bring back their stolen crypto funds. In the recent news, Bahamas authorities claim they hold custody of $3.5 billion worth of assets of customers.
The Securities Commission of the Bahamas in a press release explained that when FT bankruptcy happened, there was a risk of cyberattack, which did take place as $380M was drained out from the exchange, the commission requested the court to give the order to safeguard these digital assets.
The assets were then transferred to “secure digital wallets under the exclusive control of the Commission.”
The authorities will release these assets to FTX customers and creditors after the court makes the final decision.
On the other hand, FTX Trading customers are suing SBF, Gary Wang, Caroline Ellison, and other executives for stealing their assets claiming the platform violated its users’ terms and conditions.
The lawsuit seeks to gain back custody over their assets that were frozen after the exchange’s insolvency, expected to be supported by a million users as a class-action.
With Bahamas regulators having $3.5 billion in possession, the customers can finally get back some percentage of their assets.
