FTX says US$415 mln in crypto hacked since bankruptcy filing – Crypto News – Crypto News
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FTX says US$415 mln in crypto hacked since bankruptcy filing – Crypto News

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Bankrupt cryptocurrency exchange FTX.com told creditors on Tuesday that it lost around US$415 million worth of cryptocurrencies to hacks since it filed for bankruptcy on Nov. 11.

See related articles: Bankrupt FTX exchange has recovered US$5 bln worth of ‘liquid’ assets, say lawyers

Fast facts

  • About US$323 million was stolen by an “unauthorized third party” from FTX’s international exchange, and US$90 million had been siphoned from FTX US, the company explained in a report to creditors, Another US$2 million was hacked out of Alameda Research, the brokerage arm of the Bahamas-based exchange.
  • The hacked amount is part of US$5.5 billion of liquid assets FTX identified for recovery, consisting of US$1.7 billion in cash, US$3.5 billion in cryptocurrencies – including FTX Token (FTT) – and US$300 million worth of liquid securities.
  • A few days after FTX filed for bankruptcy in November, new FTX CEO John Ray announced that the exchange was hacked and lost more than US$372 million.
  • On Nov. 11, FTX filed for Chapter 11 bankruptcy in the US, sending shockwaves through the industry after revelations of lacking disclosure surrounding liquidity and misappropriation of client funds.
  • FTX founder and former CEO Sam Bankman-Fried has been accused of eight charges including wire fraud and conspiracy to commit money laundering. Bankman-Fried pleaded not guilty to fraud charges earlier this month.
  • FTX advisors are mulling a clawback of US$2.1 billion on Binance received in BUSD and FTT as it sold its stake in FTX in Q3, 2021. Binance CEO Changpeng Zhao recently said that the company will remain stable even after a US$2.1 billion payback.
  • The bankrupt exchange owes about US$3.1 billion to its 50 largest creditors, according to its bankruptcy filing in November. FTX also revealed that it has more than 100,000 creditors.

See related articles: FTX alleged hacker is moving funds to dodge authorities: analysts

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