In a report to its creditors dated Tuesday, bankrupt FTX exchange revealed on January 17 that it lost $415 million in cryptocurrency due to the hack.
FTX lost $415 million to Hacks
in last showFTX attorneys and advisors provided an update on its total liquid assets. While they pegged the value at $5.5 billion, they note that a significant amount was lost to “unauthorized third-party transfers.”
Acting FTX CEO John Ray said that since filing for bankruptcy, the exchange has lost $415 million to hackers, $323 million from FTX’s international exchange, and $90 million from the American stock exchange.
The missing cryptocurrency could be linked to the FTX systems hack that was revealed shortly after the company’s collapse in November. The report also details another $2 million in cryptocurrency that Alameda Research lost.
FTX.US is still solvent
FTX co-founder Sam Bankman-Fried, who is accused of stealing billions of dollars from FTX clients, has challenged the company’s report in blog post. He says the report presents an “extremely misleading” picture of the FTC’s finances.
Based on its “best guess,” the SBF believes customers owe between $181 million and $497 million. According to the SBF, FTX has more than enough cash to repay US clients — something they claimed after FTX filed for bankruptcy.
on the flip side
- Blockchain analytics firm Elliptic places value higher, reports This cryptocurrency has lost $477 million since filing for bankruptcy.
Why should you bother
FTX is subject to “hard investigative efforts” to maximize recovery of lost and unaccounted assets.
Read about the $5 billion recovery from FTX at:
FTX has recovered $5 billion in liquid assets to repay customers, but the extent of the loss is still unknown
Check out the latest SBF drama below:
Former US President of FTX Criticizes SBF: Is He Telling the Whole Story?