top of page
Search
Flexi Group

FTX announces $415 million in hacked cryptocurrency, while Bankman-Fried claims FTX US is solvent

In a filing to creditors on Tuesday, the bankrupt cryptocurrency exchange FTX stated that around $415 million in cryptocurrencies had been taken in hacks.

FTX reported that it had recovered approximately $5 billion in cryptocurrency, cash, and marketable securities, but that significant shortages remained at both its international and US crypto exchanges. FTX ascribed a portion of the deficit to hackers, stating that $323 million in crypto had been stolen from FTX's international exchange and $90 million from its US exchange since the company filed for bankruptcy on November 11.


In a later blog post, the accused creator Sam Bankman-Fried contested many portions of the company's assessment.


Bankman-Fried, who is accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research, pushed back against FTX's calculations on Tuesday night, claiming that the company's lawyers at Sullivan & Cromwell presented a "extremely misleading" picture of the company's finances.



According to Bankman-Fried, FTX has more than enough money to reimburse US clients, who he estimates are due between $181 million and $497 million. Bankman-Fried has not had access to FTX records since his November resignation as CEO.


A Sullivan and Cromwell representative declined to comment. In a recent court filing, the firm's attorneys stated that they have rejected Bankman-efforts Fried's to remain involved in the company's bankruptcy proceedings.


Bankman-Fried has pled not guilty to accusations of fraud, and his trial is slated for October.


FTX did not provide an estimate of the amount owing to its U.S. or international customers, nor did it reply promptly to concerns concerning Bankman-blog Fried's post.


Tuesday, FTX published new information regarding its recovery efforts, stating that it has recovered $1.7 billion in cash, $3.5 billion in liquid bitcoin, and $300 million in liquid securities.


Ray stated in a statement, "We are making progress in our attempts to maximise recoveries, and it required a Herculean investigation effort by our team to find this preliminary evidence."


Based on the prices of cryptocurrencies on November 11, 2022, the crypto assets recovered to date include $685 million in Solana, $529 million in FTX's own FTT token, and $268 million in bitcoin. In 2022, Solana, which was praised by Bankman-Fried, lost the majority of its value.


Upon discovering a November asset seizure by the Securities Commission of the Bahamas, FTX's US-based bankruptcy team and Bahamian regulators entered into a disagreement.


In January, the parties resolved their issues, and on Tuesday, Ray reported that the Bahamian government was holding $426 million for creditors.


During a Tuesday event at the Atlantic Council in Washington, Bahamas Prime Minister Philip Davis acknowledged the controversy, stating that Ray's team had "came around" and accepted that the Bahamian asset seizure "was appropriate and may have saved the day for many of the investors in FTX."

By fLEXI tEAM


Comentarios


bottom of page