US FTX reveals another $90 million missing!
As the bankruptcy and restructuring saga of FTX and its affiliates continues, more transactions have emerged that are being converted from the trading platform to third parties.
Transfers worth half a billion dollars:
The U.S. Department of Justice has already begun investigating the $400 million hack that drained digital currencies and pulled them from the FTX platform.
The court will ultimately determine whether the hack was made by bad actors benefiting from the platform’s chaotic collapse or by internal actors.
According to the statement and reports shared today during a meeting with the Official Creditors Committee (UCC) of FTX, the total number of cryptocurrencies that disappeared due to the post-bankruptcy hack rose to 10 million, equivalent to half a billion dollars.
This figure represents a significant portion of the $5.5 billion in liquid assets that debtors have reportedly identified so far.
The figures identified above refer to assets held by the FTX Group in general.
For the US branch of FTX, only $181 million of liquid assets has been identified.
$88 million in cold storage has already been placed under the control of FTX debtors, with an additional $3 million in assets pending transfer to cold storage under the control of debtors.
While the remaining $90 million caught fire and disappeared.
According to John J. Ray, the new CEO of FTX, who oversees the restructuring process due to his experience with similar bankruptcies such as “Enron”, the information provided is preliminary and has required considerable efforts to detect it.
The interim CEO has already criticized FTX for its significant lack of institutional oversight and due diligence.
Given the indiscriminate nature of the company’s accounting, Mr. Ray’s assessment of the efforts needed to identify these assets is likely to be accurate.
Mr. Ray assured creditors that he and his team had been brought to clean up the mess in FTX and would therefore do their utmost to recover as many cryptocurrencies as possible and put them in the hands of FTX creditors.