FTX US assets worth $90 million moved via unauthorized transfers… Details inside – Crypto News – Crypto News
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FTX US assets worth $90 million moved via unauthorized transfers... Details inside FTX US assets worth $90 million moved via unauthorized transfers... Details inside

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FTX US assets worth $90 million moved via unauthorized transfers… Details inside – Crypto News

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3 years ago

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  • Following its bankruptcy filing, half of the $181 million FTX US assets were subject to unauthorized third-party transfers.
  • The restructuring team of FTX identified $5.5 billion worth of liquid assets until press time.

Following its bankruptcy filing, half of the $181 million in assets identified by ftx US, the US-based unit of the bankrupt crypto empire, was subject to unauthorized third-party transfers. These details were revealed through a presentation to the FTX creditor committee on 17 January.

According to newly appointed FTX CEO John Ray III, it took a Herculean investigative effort for the team to uncover this preliminary information.

Unauthorized transfers from the main exchange, FTX.com, made headlines as hundreds of millions of dollars were drained the day after the company filed for Chapter 11 bankruptcy protection in early November 2022. However, the company had not disclosed the whereabouts of the $90 million transferred from FTX US until press time.

$88 million of the remaining FTX US assets were transferred to a cold storage wallet. Additionally, there was another $3 million in pending transfers.

In a statement, the restructuring team said:

“The assets identified as of the Petition Date[thedaythecompanyfiledforbankruptcyaresubstantiallylessthantheaggregatethird-partycustomerbalancessuggestedbytheelectionledgerforFTXUS”[thedaythecompanyfiledforbankruptcyaresubstantiallylessthantheaggregatethird-partycustomerbalancessuggestedbytheelectionledgerforFTXUS”

Crypto assets worth $415 million “stolen”

The presentation mentioned that $415 million in crypto assets were allegedly stolen from the exchange’s accounts, as per FTX. The hacked funds allegedly included $323 million from FTX.com and $90 million from FTX US.

The aftermath of the FTX collapse caused the bankruptcy of over 130 entities, including Alameda Research and FTX US.

Earlier, on January 12, Sam Bankman-Fried claimed that FTX was “fully solvent” via a Substack newsletter. Reportedly, when he resigned as CEO, the company had $350 million in cash.

The restructuring team of FTX also said that it has identified $5.5 billion worth of liquid assets by the time of the statement, including $1.7 billion in cash, $3.5 billion in cryptocurrencies and another $300 million worth of liquid securities.

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