FTX, the recently collapsed crypto exchange, will be responsible for all costs associated with the digital wallet that holds FTX Digital Markets’ (FDM) assets.
A Bahama’s Supreme Court ruling on Monday said that the wallet is being kept under the supervision of The Securities Commission of The Bahama’s.
As a result, FTX must pay the costs that the Securities Commission incurs in holding the assets “for the benefit of FDM’s customers and creditors,” the Supreme Court said.
However, no payment to the commission can be made without prior approval of the Supreme Court.
Recent reports suggest FTX owes nearly US$3.1bn to its 50 biggest creditors.
FTX, which filed for bankruptcy after being unable to meet customer withdrawals, owes almost US$1.45bn to its top 10 creditors alone, according to a court filing in the US.