FTX Announces It Lost 415 Million in Hacked Crypto jpg

FTX Announces It Lost $415 Million in Hacked Crypto

Altcoin news, News

The attacks that took place in November 2022 resulted in the theft of around $415 million worth of bitcoin assets, according to the now-defunct cryptocurrency exchange FTX.

In a report, FTX debtors indicated that about $5.5 billion in liquid assets had been located. This figure was broken down as follows: $1.7 billion in cash; $3.5 billion in crypto assets; and $0.3 billion in securities.

FTX debtors stated that about $1.6 billion in digital assets were connected to FTX. Of this amount, $323 million was susceptible to illicit third-party transactions, and $426 million was moved to cold storage under the jurisdiction of the Securities Commission of The Bahamas.

There is now $742 million in cold storage that is controlled by the FTX debtors, and there is an additional $121 million that is waiting to be transferred into cold storage. The creditors observed a significant deficiency in the quantity of digital assets held by FTX and FTX US.

The debtors discovered approximately $181 million in digital assets that were linked to FTX US. Of this amount, $90 million was subject to unauthorized third-party transfers, $88 million is in cold storage under the control of the debtors, and $3 million is scheduled for transfer to cold storage under their control.

This data implies that after the collapse of FTX, $323 million and $90 million have been exposed to “unauthorized third-party transactions,” bringing the total value of bitcoin stolen from FTX and FTX US to $415 million. Debtors of the FTX are attempting to seize assets that may be tied to the FTX as well as track digital assets back to it.

Sam Bankman-Fried, the founder of FTX, was quoted as saying that some of the assertions made by the company’s attorneys were “very deceptive.” He supplied fund breakdowns and reaffirmed that “FTX US is solvent, as it always has been.” The statement was made through a blog post.

The Chief Restructuring Officer at FTX, John J. Ray III, made the following statement: “We are making major progress in our efforts to maximize recovery, and it has taken a Herculean investigative effort from our team to find this early evidence.” We advise all of our stakeholders to keep in mind that the material presented here is still in its early stages and is susceptible to modification. When we are in a position to do so, we will supply any further information that you need.

A few days ago, the management of FTX discovered that the company has more over $5 billion in cash, liquid cryptocurrencies, and liquid assets in securities calculated at petition date value. This is an increase from the $1 billion that was discovered in December 2022.

Compiled by Coinbold