The Securities Commission of the Bahamas says debtors of the bankrupt cryptocurrency exchange had “incomplete information.”

The Securities Commission of the Bahamas (SCB) has rejected FTX’s claims about its Bahamas unit’s digital assets being held by the regulator, saying that the bankrupt cryptocurrency exchange’s debtors had “incomplete information”.

Last month, the SCB said it seized more than $3.5 billion in cryptocurrency from its unit, FTX Digital Markets, holding it for future repayment to customers and other creditors.

FTX disputed SCB’s calculations, saying the digital assets seized in November were worth only $296 million, not $3.5 billion.

“Such public claims by the Chapter 11 debtors were based on incomplete information,” the regulator said in a statement Monday.

There was no immediate response from FTX, which has been at odds with Bahamian officials since it filed for bankruptcy on Nov. 11.

Bahamas officials sought access to FTX’s data to help liquidate FTX Digital Markets, but the company’s US bankruptcy team said it did not trust them with the information.

FTX’s founder and former CEO, Sam Bankman-Fried was arrested last month on charges of fraud and is expected to be arraigned Tuesday before U.S. District Judge Lewis Kaplan in Manhattan federal court.

The company’s new CEO, John Ray, has said the exchange has lost $8 billion in client money.

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By wy9m6

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