2023-01-19 09:00:00

Ftx: Hacked Crypto Exchange Claims $415 Million Was Stolen

From a cryptocurrency exchange that has shut down, according to FTX, hackers have taken over $415 million (£338 million) worth of cryptocurrency.

 

According to FTX’s CEO, since the company filed for bankruptcy, $323 million from its worldwide exchange and $90 million from its U.S. platform had been compromised.

 

Sam Bankman-Fried, a co-founder of FTX, is charged with stealing billions of dollars from FTX consumers to settle debts at his other company, Alameda Research.

 

On charges of fraud, Mr. Bankman-Fried has entered a not-guilty plea.

 

The business informed a Delaware bankruptcy judge last week that it had acquired more than $5 billion in assets.

 

More information was released by FTX on Tuesday when it claimed to have recovered $1.7 bn in cash, $3.5 billion in purportedly liquid cryptocurrencies, and $300 m in liquid securities.

 

A financial asset is said to be “liquid” if it can quickly change into cash without losing value.

 

The company added that it had found sizable gaps at its U.S. and overseas exchanges.

 

It did not, however, provide a projection of overall liabilities.

 

On November 11, FTX, which had a $32 billion market value a year prior, filed for bankruptcy protection. $8 billion in client cash are thought to have gone missing.

 

One of the most prominent individuals in the cryptocurrency sector, Mr. Bankman-Fried, co-founded FTX in 2019. He was well-known for his political connections, celebrity endorsements, and bailouts of other faltering businesses.

 

In December, he was taken into custody in the Bahamas, where FTX has its headquarters.

 

After being extradited to the U.S., Mr. Bankman-Fried was granted bail for $250 million and released. He was obliged to wear an electronic monitoring bracelet as part of his bail conditions and was primarily confined to his parents’ California home, Stanford University, and law professors.

 

Last month, federal prosecutors claimed in a news conference that “intentional fraud” was to blame for the platform’s collapse, which enabled users to purchase and trade digital tokens.

 

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