The Cyprus Securities and Exchange Commission on Monday released a statement responding to an announcement by failed cryptocurrency exchange FTX EU (Cyprus) saying that it will commence processes for the return of segregated funds to investors pursuant to Cyprus Law.

In its statement, Cyprus Securities and Exchange Commission chairman George Theocharides explained that the commission is satisfied that its efforts to help investors have been successful.

“We are pleased that our work as the regulator has contributed to this positive development after months of uncertainty and concern for investors,” Theocharides said.

“We are grateful to the FTX Group Administrators for their collaboration and support towards these efforts,” he added.

Theocharides concluded by saying that “safeguarding the interests of investors is of paramount importance and CySEC will continue to hold FTX EU Ltd to account to ensure all withdrawal requests are processed swiftly and appropriately”.

As of January of this year, news agency Reuters, citing a company attorney, reported that FTX had recovered more than $5 billion in liquid assets, however, the extent of customer losses in the collapse of the company is still unknown.

FTX was valued at $32 billion in January 2022. The company filed for bankruptcy protection in November and US prosecutors accused founder Sam Bankman-Fried of organising and implementing an “epic” fraud that may have cost investors, customers and lenders billions of dollars.