{"id":8746,"date":"2022-11-24T11:15:47","date_gmt":"2022-11-24T11:15:47","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8746"},"modified":"2022-11-24T11:15:48","modified_gmt":"2022-11-24T11:15:48","slug":"recent-ftx-hacks-prove-it-was-right-to-secure-its-assets-bahamian-regulator","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8746","title":{"rendered":"Recent FTX hacks prove it was right to \u2018secure\u2019 its assets: Bahamian regulator"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>The Securities Commission of The Bahamas says the continued \u201chacking attempts\u201d on FTX\u2019s digital assets prove they made the right call to take control of the exchange\u2019s assets on Nov. 12.\u00a0<\/p>\n<p>In a statement on Nov. 23, the commission said the fact that FTX\u2019s \u201csystems were compromised, and that they continue to face new hacking attempts \u2013 reinforces the wisdom of the commission\u2019s prompt action to secure these digital assets.\u201d<\/p>\n<p>On the same day that FTX filed for bankruptcy on Nov. 11, the crypto community began flagging roughly $266.3 million worth of outflows on wallets associated with FTX. By Nov. 12, the outflows had ballooned to more than $650 million.<\/p>\n<p>Blockchain analysts have suggested that $477 million is suspected to have been stolen, while the remainder was moved to secure storage by FTX themselves. <\/p>\n<p>In its latest statement, the commission said while it suspended FTX Digital Markets (FDM) license to conduct business and stripped its directors of their power on Nov. 10, this was not sufficient in protecting customers and creditors of FDM.<\/p>\n<p>The commission further explained that due to the \u201cnature of digital assets\u201d and \u201cthe risks associated with hacking and compromise,\u201d it sought an order from the Supreme Court to transfer all digital assets from FTX to the commission for \u201csafekeeping.\u201d<\/p>\n<p>The latest statement reinforces recent analysis from blockchain analytics firm Chainalysis, and Twitter crypto sleuth ZachXBT, who said that on-chain evidence suggests that the actions of the Bahamian regulator is not related to the alleged \u201cFTX hacker.\u201d <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FTX\u2019s ongoing saga: Everything that\u2019s happened until now<\/em><\/strong><\/p>\n<p>The commission has also lashed out at the Nov. 17 emergency motion by FTX Trading Limited, which called out the \u201cBahamian government\u201d for \u201cdirecting unauthorized access to the Debtors\u2019 systems\u201d after the commencement of Chapter 11 bankruptcy filings.<\/p>\n<p>\u201cIt is unfortunate that in Chapter 11 filings, the new CEO of FTX Trading Ltd. misrepresented this timely action through the intemperate and inaccurate allegations lodged in the Transfer Motion,\u201d the Commission said. <\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/recent-ftx-hacks-prove-it-was-right-to-secure-its-assets-bahamian-regulator\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities Commission of The Bahamas says the continued \u201chacking attempts\u201d on FTX\u2019s digital assets prove they made the right call to take control of the exchange\u2019s assets on Nov. 12.\u00a0 In a statement on Nov. 23, the commission said the fact that FTX\u2019s \u201csystems were compromised, and that they continue to face new hacking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8746"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8746\/revisions"}],"predecessor-version":[{"id":8748,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8746\/revisions\/8748"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8747"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}