FTX Trading Ltd., commonly known as FTX (short for “Futures Exchange”), is a bankrupt company that formerly operated a cryptocurrency exchange and crypto …
According to the defunct cryptocurrency exchange FTX, hackers stole around $415 million worth of cryptocurrencies.
According to FTX’s CEO John Ray, hackers have stolen $323 million from the company’s international exchanges and $90 million from its U.S. platform since the company filed for bankruptcy. Each of these exchanges had serious issues that the company discovered. However, the business did not provide an assessment of all of its liabilities. Mr. Ray is investigating the prospect of revitalising the platform.
FTX reported last week that it had recovered more than $5 billion in assets, including $1.7 billion in cash, $3.5 billion in supposedly liquid cryptocurrencies, and $300 million in liquid securities. The assets are considered “liquid” if they can be quickly turned into cash without losing any of their value.
In November of last year, FTX, which had a market value of $32 billion at the time, filed for Chapter 11 bankruptcy, apparently losing roughly $8 billion in customer cash. Sam Bankman-Fried, a co-founder and former CEO of FTX, was also accused of stealing billions of dollars from FTX clients to settle debts at Alameda Research LLC, one of his other businesses.