FTX logo displayed connected a telephone surface is seen done the breached solid successful this illustration photograph taken successful Krakow, Poland connected November 14, 2022.
Jakub Porzycki/NurPhoto via Getty Images
Bankrupt crypto steadfast FTX said connected Tuesday that $415 cardinal worthy of crypto was hacked from the exchange's accounts, representing a sizable information of the identified assets the institution is trying to recover.
In a presumption titled "Maximizing FTX Recoveries," lawyers and advisors for FTX debtors updated the full liquid assets identified for recovery, and said they're valued astatine astir $5.5 billion.
However, that includes "unauthorized third-party transfers" of $323 cardinal retired of FTX.com (the planetary business) and $90 cardinal retired of FTX US, the institution said successful a statement. Another $2 cardinal of hedge money Alameda Research's crypto besides was stolen, it said. The missing crypto could beryllium connected to a hack of FTX's systems that was uncovered soon aft the institution collapsed successful November.
At the time, the stolen crypto was valued astatine $477 million, according to blockchain analytics steadfast Elliptic.
FTX filed for bankruptcy aft a question of withdrawals crippled the speech and sister hedge money Alameda. Founder and ex-CEO Sam Bankman-Fried was indicted by national prosecutors connected fraud and wealth laundering charges successful December. Bankman-Fried pleaded not blameworthy to the charges earlier this month. He's released connected a $250 cardinal bond up of his trial, which is acceptable for October.
FTX's advisors are besides reviewing a $2.1 cardinal stock repurchase outgo from FTX to crypto speech Binance successful the 3rd 4th of 2021. Binance was the archetypal extracurricular capitalist successful FTX, but Bankman-Fried bought retired Binance's involvement successful his institution successful 2021.
In an quality connected CNBC successful December, Binance CEO Changpeng "CZ" Zhao was asked astir the imaginable $2.1 cardinal clawback arsenic portion of FTX's bankruptcy proceedings.
"I deliberation we'll permission that to the lawyers," Zhao said, erstwhile asked if helium was prepared to nonstop the wealth back. "I deliberation our ineligible squad is perfectly susceptible of handling it."
The 20-page presumption from FTX's lawyers and advisors provides a breakdown of FTX's assets and wherever they are looking for imaginable recoveries that could beryllium returned to debtors. That includes hundreds of millions of dollars worthy of spot successful the Bahamas, wherever Bankman-Fried lived and ran the company.
"We are making important advancement successful our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our squad to uncover this preliminary information," said John Ray, who is acting arsenic CEO astatine FTX during the restructuring, successful Tuesday's statement.
Despite separating liquid from illiquid tokens, the presumption included $529 cardinal worthy of FTX's self-issued token, FTT, nether the exchange's "liquid" assets. FTT has mislaid implicit 90% of its worth since aboriginal November.
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