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Bahamas regulator holds FTX assets pending delivery to customers, creditors – Yahoo Singapore News

(Reuters) -The Securities Commission of the Bahamas said on Thursday that it is holding FTX assets worth $3.5 billion based on market pricing at the time of transfer on a temporary basis to deliver them to customers and creditors who own them.
The digital assets of FTX's Bahamas unit were transferred to digital wallets under the exclusive control of the commission in November soon after the company and its hedge fund Alameda Research and dozens of affiliates filed for U.S. bankruptcy.
Upon completion of the transfer, FTX founders Sam Bankman-Fried and Gary Wang no longer had access to the tokens that were transferred or frozen, the executive director of the commission, Christina Rolle, said in an affidavit filed with the Bahamas Supreme Court.
"All transferred assets were and remain under the sole control of the commission," Rolle said.
Lawyers for crypto exchange FTX earlier this month opposed a demand for internal records from its Bahamian business, saying they "do not trust" the Bahamian government with data that could be used to siphon off assets from the bankrupt company.
The authorities in the Bahamas, where the company had its headquarters, appointed liquidators to wind down FTX's international trading business soon after the company announced bankruptcy.
The sheer size of the asset seizure sends mixed signals to FTX customers, according to Deborah Kovsky-Apap, a bankruptcy attorney who is not involved in the case. The Bahamian government's action preserves assets that could otherwise be lost or stolen, but it could also deepen a dispute between the company's U.S.-based bankruptcy proceedings and the Bahamas liquidation.
Ideally, both sides would cooperate to sort out which creditors should be repaid with the seized assets, a task that is already more difficult than normal due to FTX's extensive commingling of customers' funds with those of FTX and its sister hedge fund Alameda Research, Kovsky-Apap said.
"It may be impossible to unscramble that egg," Kovsky-Apap said. "And if you can't, the fact that a government entity has seized these assets and staked out a claim to them creates significant additional tension."
(Reporting by Urvi Dugar and Akanksha Khushi in Bengaluru and Dietrich Knauth in New YorkEditing by Leslie Adler and Matthew Lewis)
Rescuers finished searching the charred ruins of a Cambodian hotel and casino complex Friday after the death toll from a fire that forced people to jump from windows rose to 26.
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Rescuers finished searching the charred ruins of a Cambodian hotel and casino complex Friday after the death toll from a fire that forced people to jump from windows rose to 26. Hundreds of people are believed to have been inside the Grand Diamond City venue, located in the northwestern town of Poipet within sight of the Thai border, when the blaze broke out late Wednesday night. "The death toll is 26, including 21 Thai nationals," said Sek Sokhom, director of the information department for the province of Banteay Meanchey. Some of the bodies recovered were found in stairways, he said. Sek Sokhom said the search was over because "rescuers have reached all parts that we thought might have victims." Grieving families told AFP they were struggling to comprehend the scale of the disaster. One mother said she was unable to eat because she was so overwhelmed by the loss of her son. Photos and video from the scene showed people huddling on windowsills to escape the flames, with one rescuer telling AFP he saw people desperately jumping from the roof as the blaze inched closer. Hundreds of Cambodian soldiers and police officers, along with volunteers from Thailand, worked through the day, as smoke still rose from the building, before calling off the search as night fell. The search had been slowed by fears the building was unsafe, a volunteer from Thai rescue group the Poh Teck Tung Foundation describing it as unstable. Many of the injured have been taken to Thailand for treatment. Thai officials said more than 50 had been hospitalised, 13 of them in critical condition. – 'Overwhelmed' – Grieving mother Keerati Keawwat said her  23-year-old son was in the building when the fire broke out. "He got stuck inside and could not get out," the 55-year-old told AFP from a makeshift information centre. "I can't eat, and only slept for one hour," she said. "I'm too overwhelmed." ' Neung', a 42-year-old casino worker who gave only his nickname, said he was sleeping in the complex but managed to make it out, although his father was not so lucky. He said his father, who was gambling in the casino, managed to help two women reach safety. "But in helping them, he used a lot of energy and was choked by the smoke," he said. His father was then trapped in a room with others but was still able to call until roughly 3 am. "I then lost connection with my dad, and lost hope," he said. "Now, I only want to have his body." The complex is one of many in Poipet, a border town popular with Thais who face strict restrictions on gambling within their country. Tuk-tuk driver Thitinun Thongging told AFP that the terrifying fire was indicative of the loose safety standards in Poipet. "I am worried about everything there. It's out of control," said the 48-year-old, who lives on the Thai side. Thailand's foreign ministry said it was working closely with Cambodian authorities to find and identify Thais involved in the incident and was sending additional equipment, consular officers, and a police attache to Poipet. Gambling by Cambodians is also illegal but numerous casino-filled hotspots have flourished along the borders with Thailand and Vietnam. – 'A tragedy' – A Grand Diamond City worker, who asked not to be identified because it might affect her job, told AFP she was working on the third floor of the 17-floor hotel wing when the blaze started. "At first, it was not a huge fire," she said, but she and a co-worker were soon forced to flee outside. "It got huge rapidly," she said, still shocked by the death and destruction. Other casino employees said they had little choice but to keep working despite their fears. "I will continue my work because it's not easy to look for other jobs," said one 30-year-old, who worked at a nearby gambling establishment. Cambodian Prime Minister Hun Sen expressed condolences to the families of the victims on Friday, calling it a "tragedy" and promising that fire engines would be placed near all tall buildings. There is not yet any indication of what caused the blaze, the latest in a series of fires that have struck popular entertainment establishments in a region where concerns have long been raised over lax safety standards. ss-bow-rbu/pbt

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