FTX and Bahamas Liquidators Reach Agreement on Asset Recovery Strategy

• FTX debtors and Bahamas liquidators have come to an agreement on an asset recovery strategy.
• The two parties will cooperate on various efforts such as sharing information, arranging the return of property and filing litigation against other parties.
• They have agreed to inventory the crypto assets that the Bahamas Securities Commission currently holds in a Fireblocks wallet.

FTX, a popular crypto-asset exchange, has come to a mutually beneficial agreement between its debtors in the United States and its liquidators in the Bahamas. The agreement is centered around an asset recovery strategy that is designed to maximize stakeholder recoveries.

John J. Ray III, FTX’s CEO and Chief Restructuring Officer, stated that although discussions will continue, many of the issues have been settled. This includes the two parties cooperating on various efforts such as sharing information, arranging the return of property, and filing litigation against other parties.

Another major point of agreement between the two parties is to inventory the crypto assets that the Bahamas Securities Commission currently holds in a Fireblocks wallet. The Bahamas Securities Commission admitted to holding $3.5 billion of crypto and FTX claimed that regulators seized $300 million without any right to do so. Both parties are reportedly satisfied by the Bahamas Securities Commission’s safeguarding of those assets.

The press release indicates that the two parties have established a path forward to resolve any remaining issues, but that it may take time to realize the maximum potential of stakeholder recoveries. It is hoped that this agreement will bring stability to FTX and its customers, as well as setting a precedent for future asset recovery strategies.

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