Benzinga - Over half of FTX US's assets — amounting to $90 million — were subject to unauthorized third-party transfers after the embattled exchange filed for bankruptcy.
With respect to the FTX US exchange, the FTX debtors identified approximately $181 million of digital assets, according to a presentation made to the FTX creditor committee.
"We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information," FTX chief executive John J. Ray III said.
Out of the $90 million of unauthorized transfers, some $88 million is in cold storage under the control of the FTX debtors, and $3 million is pending transfer to cold storage under the control of the FTX debtors.
“The assets identified as of the Petition Date are substantially less than the aggregate third-party customer balances suggested by the electronic ledger for FTX US,” the restructuring team said.
An estimated $415 million worth of cryptocurrency assets was stolen from accounts belonging to the exchange; $323 million of these funds were hacked from FTX.com and another $90 million from FTX US.
A separate graphic from the presentation showed that the company's Alameda division still holds $1.6 billion in funds in a "hot" cryptocurrency wallet, meaning that the funds are stored in an online address where they can potentially be moved or traded.
Next: Former FTX US President On Bankman-Fried's Mental Health, Addiction - 'He Wasn't Who I Remembered'
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