Wednesday, May 29, 2024

FTX Claims $415 million Worth of Crypto Hacked from Accounts.

The collapsed crypto exchange FTX highlighted that $415 million worth of cryptocurrency was hacked from the platform’s accounts.

Lawyers and advisors for FTX debtors, in a presentation titled Maximizing FTX Recoveries, said they are valued at $5.5 billion. This includes illegal third-party transfers of $323 million out of and $90 million out of FTX US. It revealed that another $2 million of Alameda Research’s crypto was also stolen. They believe the missing crypto could be connected to a hack of FTX’s system that was uncovered shortly after the crypto exchange collapsed in November.

According to Elliptic, a blockchain analytics firm, the stolen crypto at that time was valued at $477 million. The advisors are also looking at the beleaguered FTX’s $2.1 billion share repurchase payment to Binance in Q3 of 2021. Changpeng Zhao’s crypto exchange was the first outside investor in FTX. But Sam Bankman-Fried, FTX’s CEO and founder bought out Binance’s stake in 2021. When CZ was asked about this, he said Binance would leave it to the lawyers. Zhao said his legal team is perfectly capable of handling it.

The 20-page presentation outlined FTX’s hundreds of millions of dollars worth of property in the Bahamas. John Ray, FTX’s acting CEO, said they are making important progress in their efforts to maximize recoveries. The company has taken a Herculean investigative effort to uncover this preliminary information.

All for the test.

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