FTX Says Recovered $5.5Bln In Assets, Missing $415Mln In 'Hacked Crypto'

WASHINGTON (UrduPoint News / Sputnik - 18th January, 2023) The FTX cryptocurrency firm during a meeting with the US Committee of Unsecured Creditors said that $415 million worth of its crypto was stolen by hackers.

"$3.5 billion of identified crypto assets excludes $415mm of hacked crypto," FTX said in a presentation shared during the bankruptcy meeting on Tuesday.

FTX detailed that it recovered $3.5 billion of crypto assets, $1.

7 billion of cash, and $300 million worth of securities.

Founded by Sam Bankman-Fried in 2019, FTX became one of the world's largest cryptocurrency exchanges. It filed for bankruptcy on November 11, with an estimated one million customers facing billions of Dollars in losses.

In December, the US government indicted Bankman-Fried in what prosecutors have described as one of the biggest financial fraud cases in US history. Prosecutors allege that FTX violated US campaign finance laws and schemed to misappropriate customer funds.