FTX claims $415m of crypto has been hacked

The bankrupt crypto exchange said the monumental figure has been stolen from international and US exchanges.

FTX has reportedly told its creditors that $415m in cryptocurrency has been stolen in hacks.

Despite recovering more than $5bn in crypto, cash and liquid securities, significant shortfalls remained at the collapsed crypto market’s international and US crypto exchanges.

Since filing for bankruptcy back in November 2022, FTX claims $323m in crypto had been hacked from its international exchange and $90m from its US exchange.

FTX founder and former CEO Sam Bankman-Fried who is currently awaiting trial for fraud and money laundering, challenged the report in a blog post.

He said: “FTX US remains fully solvent and should be able to return all customers’ funds” and that the company’s lawyers Sullivan & Cromwell have painted an “extremely misleading” picture of its finances.

Bankman-Fried, despite not having access to FTX’s accounts since stepping down in November, states that when new CEO John J. Ray III took over “there were billions of dollars of funding offers” and “more than $4b that came in after”.

A spokesperson for Sullivan and Cromwell declined to comment.

Bankman-Fried went on to say in his blog post: “I have a lot more to say – about why Alameda failed to hedge, what happened with FTX US. But at least this is a start.”

Ray said in a statement: “We are making progress in our efforts to maximise recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information.”

The assets recovered to date include $685m in Solana, $529m in FTX’s proprietary FTT token and $268m in Bitcoin.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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