Connect with us
Active Currencies 12966
Market Cap $2,417,292,977,904.00
Bitcoin Share 50.41%
24h Market Cap Change $-0.61

FTX US assets worth $90 million moved via unauthorized transfers… Details inside

2min Read
Alameda to recover $446 million in crypto paid to Voyager Digitalon moved via unauthorized transfers... Details inside

Share this article



  • Following its bankruptcy filing, half of the $181 million FTX US assets were subject to unauthorized third-party transfers.
  • The restructuring team of FTX identified $5.5 billion worth of liquid assets until press time.

Following its bankruptcy filing, half of the $181 million in assets identified by FTX US, the U.S.-based unit of the bankrupt crypto empire, were subject to unauthorized third-party transfers. These details were revealed via a presentation to the FTX creditor committee on 17 January.

According to newly appointed FTX CEO John Ray III, it took a Herculean investigative effort for the team to uncover this preliminary information.

Unauthorized transfers from the main exchange, FTX.com, made headlines as hundreds of millions of dollars were drained the day after the company filed for Chapter 11 bankruptcy protection in early November 2022. However, the company had not disclosed the whereabouts of the $90 million transferred from FTX US until press time.

$88 million of the remaining FTX US assets were transferred to a cold storage wallet. Additionally, there was another $3 million in pending transfers.

In a statement, the restructuring team said:


“The assets identified as of the Petition Date [the day the company filed for bankruptcy are substantially less than the aggregate third-party customer balances suggested by the election ledger for FTX US.”

Crypto Assets worth $415 million “stolen”

The presentation mentioned that $415 million in crypto assets were allegedly stolen from the exchange’s accounts, as per FTX. The hacked funds allegedly included $323 million from FTX.com and $90 million from FTX US.

The aftermath of the FTX collapse caused the bankruptcy of over 130 entities, including Alameda Research and FTX US.

Earlier, on 12 January, Sam Bankman-Fried claimed that FTX was “fully solvent” via a Substack newsletter. Reportedly, when he resigned as CEO, the company had $350 million in cash.

The restructuring team of FTX also said that it has identified $5.5 billion worth of liquid assets until the time of the statement, including $1.7 billion in cash, $3.5 billion in cryptocurrencies and another $300 million worth of liquid securities.


Share

Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.