FTX says crypto worth $415 million hacked, Bankman-Fried refutes claims
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Crypto exchange FTX, that has declared itself bankrupt, has told creditors in a report that about $415 million in cryptocurrency had been stolen in hacks. It said Tuesday that while it recovered over $5 billion in crypto, cash and liquid securities, significant shortfalls at both its international and US crypto exchanges still remain.
Blaming the shortfall to hacks, FTX said that $323 million in crypto had been hacked from FTX's international exchange and $90 million from its US exchange since it filed for bankruptcy on November 11.
However, indicted founder Sam Bankman-Fried challenged certain portions of the company's report in a blog post.
He wrote that the company's lawyers at Sullivan & Cromwell had presented an "extremely misleading" picture of the company's finances and that the company has more than enough money to repay US customers.
Also Read |How a secret software code change allowed FTX to (mis)use client money
According to him, the customers are owed anywhere between $181 million and $497 million. Bankman-Fried doesn't have access to FTX records since stepping down as CEO in November.
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Notably, he is accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research. Bankman-Fried has pleaded not guilty to fraud charges, and he is scheduled to face trial in October.
Sullivan and Cromwell have declined to comment on the matter. A court filing by the attorneys says that Bankman-Fried's efforts to stay involved in the company's bankruptcy proceedings were turned down by the firm.
FTX further informed that it had recovered $1.7 billion in cash, $3.5 billion in liquid cryptocurrency and $300 million in liquid securities.
"We are making progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information," attorney and CEO of the firm John Ray said in a statement.
The crypto assets recovered to date include $685 million in Solana, $529 million in FTX's proprietary FTT token and $268 million in bitcoin, based on crypto prices on Nov. 11, 2022.
(With inputs from agencies)
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