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FTX NFTs Provided Loophole For Non-Bahamas Residents Wanting To Withdraw Funds

The crypto exchange had re-enabled withdrawals on Thursday, but only in the Bahamas, the location of its headquarters and many employees.  Some users without a Bahamian account themselves found a way to circumvent the system by using FTX’s NFT marketplace.

The marketplace tracked over $50 million in volume in the past 24 hours despite a Bahamas securities regulator freezing the assets of local subsidiary FTX Digital Markets (FDM). Bahamian residents were buying NFTs on the FTX marketplace at inflated prices and withdrawing the cash for non-residents, UpOnlyTV host Cobie tweeted.

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