That Securities Commission of the Bahamas holds FTX Assets worth $3.5 billion, the regulator reportedly said on Thursday.

What happened: The valuation of the assets is based on prices at the time of the temporary transfer for delivery to customers and creditors, Reuters reported.

The digital assets of Sam Bankman Fried-founded FTX were transferred to wallets under the control of the Bahamian regulator in November shortly after the cryptocurrency exchange and its sister company Alameda Research and other related companies that have filed for bankruptcy in the United States, the report said.

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Why it matters: “All transferred assets were and will remain under the sole control of the Commission,” he said Christina Rollethe commission’s executive director, in an affidavit before the Bahamas Supreme Court, Reuters reported.

After the transfer, FTX founders Bankman-Fried and Gary Wang no longer had access to the transferred or frozen assets, according to Rolle.

In early November, it was reported that securities regulators in the Bahamas were looking to do so Control bankruptcy proceedings of FTX Challenging the ailing company’s Chapter 11 filing in the United States

The bankruptcy and the dissolution of the stock exchange led to a fall in prices Bitcoin BTC/USD and ether ETH/USD as well as other important coins.

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