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On Tuesday, the bankrupt crypto exchange FTX has reportedly informed their creditors that around $415 million in cryptocurrency had been stolen due to hacks that happened in November last year. The stolen money includes unauthorized transfers of $323 million and $90 million from FTX and FTX US respectively.
Additionally, $2 million of hedge fund Alameda Research’s crypto assets was also stolen. In a press release, FTX has recently revealed that it had recovered $1.7 billion of money in cash, $3.5 billion in liquid cryptocurrencies and $300 million in liquid securities.
John J. Ray III, the Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors has shared:
“We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information.”
Ray also added that the information, however, is still preliminary and is subject to change.
The official press release also disclosed that since FTX’s crash, around $323 million and $90 million have been subjected to unauthorized third-party transactions.
What’s surprising in this episode is that FTX founder Sam Bankman-Fried has argued that some of these claims made by the crypto exchange’s attorneys were ‘misleading’. He tweeted out the fund breakdowns and reiterated his stance that FTX US is solvent, as it always has been.
FTX US is solvent, as it always as been.https://t.co/XjcyYFsoU0 pic.twitter.com/kn9Wm9wxjl
— SBF (@SBF_FTX) January 18, 2023
FTX US is solvent, as it always as been.https://t.co/XjcyYFsoU0 pic.twitter.com/kn9Wm9wxjl
The controversy seems to not end as it was reported shortly that one in every three US Congress members had received campaign donations from Sam Bankman-Fried or other FTX officials. 19 of 196 Congresspeople who received ‘donations’ from FTX have, however, claimed that they will return the funds.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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