- FTX has identified about $5.5 billion worth of digital assets for recovery, a number that includes $415 million in “hacked crypto.”
- FTX’s new CEO John Ray said in a statement that it’s taken a “Herculean investigative effort from our team to uncover this preliminary information.”
- FTX’s advisors are also reviewing a $2.1 billion share repurchase payment from FTX to crypto exchange Binance in the third quarter.
Bankrupt crypto firm FTX reports on Tuesday that $415 million worth of crypto was hacked from the exchange’s accounts, representing a sizable portion of the identified assets the company is trying to recover.
In a presentation titled “Maximizing FTX Recoveries,” lawyers and advisors for FTX debtors updated the total liquid assets identified for recovery, and said they’re valued at about $5.5 billion.
However, that includes “unauthorized third-party transfers” of $323 million out of FTX.com (the international business) and $90 million out of FTX US, the company said in a statement. Another $2 million of hedge fund Alameda Research’s crypto also was stolen, it said. The missing crypto could be connected to a hack of FTX’s systems that was uncovered shortly after the company collapsed in November.
At the time, the stolen crypto was valued at $477 million, according to blockchain analytics firm Elliptic.
FTX filed for bankruptcy after a wave of withdrawals crippled the exchange and sister hedge fund Alameda. Founder and ex-CEO Sam Bankman-Fried was indicted by federal prosecutors on fraud and money laundering charges in December. Bankman-Fried pleaded not guilty to the charges earlier this month. He’s released on a $250 million bond ahead of his trial, which is set for October.
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FTX’s advisors are also reviewing a $2.1 billion share repurchase payment from FTX to crypto exchange Binance in the third quarter of 2021. Binance was the first outside investor in FTX, but Bankman-Fried bought out Binance’s stake in his company in 2021.