Bahamian regulators requested Sam Bankman-Fried (SBF) to access FTX’s programs and switch all of its crypto to a authorities managed pockets after it had filed for financial extinguish.

On Nov. 17, an emergency courtroom filing from a correct crew representing FTX’s debtors mentioned there used to be “credible evidence” that the Bahamian authorities directed the FTX CEO to switch funds from the alternate.

The Bahamas Securities Price confirmed that it directed the switch of all digital resources on FTX to their digital pockets for “safekeeping.”

“Urgent interim regulatory action used to be valuable to guard the pursuits of purchasers and collectors of [FTX Digital Markets],” mentioned the regulator.

It is miles unclear why the regulator didn’t state that they held these funds earlier – in particular on Friday when the alternate used to be seemingly hacked for hundreds of thousands of bucks. Aside from the claims in Thursday’s courtroom filing, FTX has now not issued an announcement about the hack.

″[I]n connection with investigating a hack on Sunday, November 13, Mr. Bankman-Fried and [FTX co-founder Gary] Wang, mentioned in recorded and verified texts that “Bahamas regulators” in truth handy that certain put up-petition transfers of Debtor resources be made by Mr. Wang and Mr. Bankman-Fried,” mentioned the filing. Every SBF and Wang were reportedly in custody of the Bahamian authorities on the time.

Twitter used to be rife with hypothesis that FTX’s drainer pockets in truth belonged to the Bahamian authorities, but some customers regarded because it unlikely that the authorities would contain traditional bridges to swap resources for the U.S. buck stablecoin, DAI.

Prick Bax, head of evaluate at Convex Labs, had a more believable explanation for the events. Essentially based utterly on him, the Bahamas Securities Price pockets doubtless bought the FTT tokens transferred from the FTX deployer address and ETH from FTX’s alternate pockets on Nov. 13.