Bankrupt crypto exchange FTX has sued the liquidators overseeing the wind-down of its Bahamian affiliate FTX Digital Markets, accusing them of wrongly claiming ownership of the exchange’s assets.
FTX Digital Markets’ liquidators have argued in court that the Bahamian company took on a more central role for FTX.com as the company moved to the Bahamas from its previous headquarters in Hong Kong. FTX’s business plan and a May 2022 change in FTX.com’s terms of service made clear that FTX “intended to migrate existing international customers to FTX Digital,” the liquidators said in a February filing in Bahamas Supreme Court.
Representatives for the Bahamas-based liquidators and Bankman-Fried did not immediately respond to a request for comment.FTX has been at odds with Bahamian officials ever since filing for bankruptcy protection on Nov. 11, with a hole in its balance sheet that left its 9 million customers facing billions in potential losses.
FTX and the Bahamian liquidators had sought to cool down the simmering dispute in January, reaching an agreement to cooperate on asset recovery efforts.
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