The CEO of FTX recently has stated that a total of $323 million was stolen from the company’s international exchange, and an additional $90 million was taken from its U.S. platform since the company filed for bankruptcy.
Last year, the ex-co-founder Sam Bankman-Fried has been accused of using funds from FTX users to repay debts at Alameda Research, but he denies these claims and has stated that he is not guilty of any fraud. However, last month, during a press conference, federal prosecutors stated that the collapse of the digital token platform, FTX, was due to “intentional fraud.”
"… about half of the crypto assets stored in FTX’s U.S. exchange were stolen during a hack" https://t.co/0IxG7tSsVT
— Eric Garland (@ericgarland) January 17, 2023
The Accusation of the Prosecutors
The prosecution has alleged that the ex-co-founder of the firm, Sam Bankman-Fried, has utilized the money of FTX’s clients to settle the debts of his other company, Alameda and to make further investments without the proper authorization.
He has been accused of committing eight different criminal acts, such as deceiving others through electronic means, illegally moving money, and breaking laws related to financing political campaigns. Additionally, financial regulators have also brought claims against him.
FTX Announces Recovery Amounts
So far, recovered crypto assets include $685 million in Solana, $529 million in FTX’s own FTT token, and $268 million in Bitcoin, based on the value of these cryptos on November 11, 2022.
FTX’s investigation into the hacks revealed that in November, assets were taken by the Securities Commission of the Bahamas, which caused a disagreement between FTX’s U.S. bankruptcy team and the regulators in the Bahamas.
An announcement was made that they have recovered 1.7 billion dollars in cash, 3.5 billion dollars in liquid cryptocurrency and 300 million dollars in liquid securities as part of their recovery efforts.
For more details: Click here
***
