Thanks for the correction mate. Im just skeptical because
they are converting the confiscated Ethereum into renBTC if they are just seizing all FTX asset. Why do they need to that while they are already holding the control to the funds. They should just convert it to fiat if they want to liquidate it immediately instead of converting the Eth to different tokens for whatever purposes. If this is really Bahamas government doing, Im really confused on what they are trying to do here.
Very simple answer.
ETH can be blacklisted for example by US. BTC cant . So they going through wrapped BTC to simply wash this eth in to decentralized btc via Renbridge.
Hope that helped.