FTX goes up in flames and impacts the broader crypto industry, causing regulators to respond: Hodler’s Digest, Nov. 6-12

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White House says ‘prudent regulation of cryptocurrencies‘ is needed, hinting at situation with FTX. That and more on this week’s news in our Hodler’s Digest.

On Nov. 10, FTX saw its assets frozen and its registration suspended by the Securities Commission of The Bahamas, based on suspicions of mishandled client funds. A provisional liquidator was elected by the Bahamian Supreme Court, meaning FTX must now obtain permission to touch any of its assets.

FTX is primarily based in the Bahamas, falling under its jurisdiction. The situation regardinghas been touch and go, with some withdrawals seemingly approved and funds leaving the exchange. Additionally, FTX negotiated a deal with Tron to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX to external wallets without penalty.

 

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