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FTX says hackers stole $415M after cryptocurrency exchange filed for bankruptcy
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Collapsed crypto exchange FTX has confirmed that approximately $415 million of customer funds was stolen by hackers hours after it filed for bankruptcy last November.
FTX met with debtors on Tuesday and provided an update on asset recovery efforts as the company proceeds with Chapter 11 bankruptcy. In addition to approximately $5.5 billion in liquid assets, FTX Debtors identified a "substantial shortfall of digital assets" in both the FTX.com and FTX US exchanges that was allegedly stolen.
A sum of $90 million in the U.S. exchange was "subject to unauthorized third-party transfers" after the company filed for bankruptcy, FTX said. Another $323 million was stolen from FTX.com.
Of the recovered assets, FTX has $1.7 billion in cash, $3.5 billion in crypto assets, and $300 million in liquid securities. At its height, the crypto exchange was valued at an estimated $35 billion.
HOUSE REPUBLICANS LAUNCHING DIGITAL ASSET SUBCOMMITTEE AFTER TROUBLED YEAR FOR CRYPTOCURRENCY INDUSTRY