According to the defunct cryptocurrency exchange FTX, the hacks that occurred in November 2022 resulted in the theft of around $415 million in crypto assets.
FTX debtors stated in a report that approximately $5.5 billion of liquid assets had been identified, comprising $1.7 billion of cash, $3.5 billion of crypto assets, and $0.3 billion of securities.
FTX debtors noted about $1.6 billion in digital assets linked to FTX, of which $323 million was subject to unauthorized third-party transfers, and $426 million was transferred to cold storage under the Securities Commission of The Bahamas’ control.
$742 million is right now in cold storage under the control of the FTX debtors, and $121 million is awaiting transfer to cold storage. The debtors noted a substantial shortfall of digital assets at FTX and FTX US.
The debtors located about $181 million in digital assets linked to FTX US, of which $90 million was subject to unauthorized third-party transfers, $88 million is in cold storage under the debtors’ control, and $3 million is scheduled for transfer to cold storage under their control.
This data suggests that since FTX’s collapse, $323 million and $90 million are subjected to “unauthorized third-party transfers”, a total of $415 million worth of cryptocurrency has been taken from FTX and FTX US. FTX debtors are trying to seize assets that might be connected to the FTX and trace digital assets back to it.
FTX founder Sam Bankman-Fried contended that some claims made by the company’s lawyers were “extremely misleading.” Via a blog post, he provided fund breakdowns and re-asserted that “FTX US is solvent, as it always as been.”
John J. Ray III, FTX Chief Restructuring Officer stated “We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information. We ask our stakeholders to understand that this information is still preliminary and subject to change. We will provide additional information as soon as we are able to do so.”
A few days back, FTX management located over $5 billion in cash, liquid cryptocurrency, and liquid investments in securities measured at petition date value, up from $1 billion in December 2022.
Also Read: US Authorities form FTX Task Force to Trace & Recover Assets
