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FTX creditor's report says US$415mln was lost to hacks

Published 18/01/2023, 08:07
© Reuters FTX creditor's report says US$415mln was lost to hacks
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Proactive Investors - FTX, Sam Bankman-Fried’s bankrupt crypto exchange, has said that around US$415mln in cryptocurrency was stolen in hacks.

In a report to creditors, the company confirmed it has recovered more than US$5bn in crypto, cash, and liquid securities, but there are still significant shortfalls at its international and US crypto exchanges.

FTX attributed some of the shortfalls to hacks, stating that US$323mln in crypto was hacked from its international exchange and US$90mln was hacked from its US exchange since it filed for bankruptcy on November 11, 2022.

According to a report by the Reuters news agency, founder Bankman-Fried has challenged aspects of the company's report in a blog post.

Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research, has refuted FTX's calculations.

According to Reuters, he stated that the company's lawyers have presented an "extremely misleading" picture of the company's finances.

He claims that FTX has more than enough money to repay US customers, who he believes are owed between US$181mln and US$497mln based on his "best guess."

FTX has not provided an estimate of the amount owed to its US or international customers, and it did not immediately respond to questions about Bankman-Fried's blog post.

The company provided some additional details about its recovery efforts, stating that it had recovered US$1.7bn in cash, US$3.5bn in liquid cryptocurrency, and US$300mln in liquid securities.

Read more on Proactive Investors UK

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