FTX bankruptcy teams reveal that since filing for bankruptcy, $413 million in assets have been moved without permission. If it weren’t a secret when it comes to the FTX.com hack, however, we learn that $90 million relates to FTX.US.
$413 million moved without permission since FTX went bankrupt
The current FTX teams, led by John Ray III, issued a statement summarizing the state of the group’s finances since bankruptcy. We learn that since the use of Chapter 11 of the United States bankruptcy law, a total of $413 million was moved off the FTX and FTX.US exchanges without permission.
If for the first, we are obviously thinking of what is officially described as a hack that took place on November 12, the movements on FTX.US had, so far not reported. Indeed, of the sum mentioned, 90 million dollars concern the American branch.
Note, however, that it is difficult to fully reconcile all these values indicated with the hack, because it had been estimated at 372 million dollars, and only seemed to concern FTX.com, which adds blurring to this data. Indeed, the disputed movements concerning FTX.com amount here to 323 million dollars in the figures mentioned, less than the alleged value of the hack.
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Cryptocurrency deficit confirmed
In addition to funds moving without permission, the statement reaffirms the fraud, confirming that as of the date of FTX’s bankruptcy, the balance of cryptocurrencies on the group’s platforms was lower than it should have been in reality :
“The FTX Debtors have also confirmed that, based on current estimates of the amount of digital assets associated with the FTX.com and FTX.US exchanges as of the date of the petition, there is a substantial deficit of digital assets on both exchanges. . »
Regarding the group’s assets, the teams in charge of the file have identified 5.5 billion in liquid assets at FTXtaking into account fiat currency balance, cryptocurrencies as well as other financial securities, and 1.6 billion for FTX.US.
John Ray III indicates that a work “herculean investigation» had to be provided to gather all this information, which corroborates his first observations when he had just been named CEO. And for good reason, he had noted “unacceptable managerial practices”, thus adding complexity to this file which was not lacking yet.
👉 Also in the news – Nearly 37% of US Congressmen received money from FTX executives
Source: Press release
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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