FTX has said that $415 million worth of crypto was hacked
FTX has said that $415 million worth of crypto was hacked from the exchange’s accounts.
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.
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 in January, and he’s released on a $250 million bond ahead of his trial, which is set for October.
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.
In an appearance on CNBC in December, Binance CEO Changpeng “CZ” Zhao was asked about the potential $2.1 billion clawback as part of FTX’s bankruptcy proceedings.
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