FTX, Sam Bankman Fried’s bankrupt crypto-exchange, claims that approximately US$415mln worth of cryptocurrency was stolen during hacks.
The company reported to creditors that it had recovered more than US$5bn of crypto, cash and liquid securities. However, there are still substantial shortfalls at its US and international crypto exchanges.
FTX stated that some of the problems were due to hacking, stating that US$323mln worth of crypto was stolen from its international exchange and US$90mln had been stolen from its US exchange since its bankruptcy filings on November 11, 2022.
According to Reuters, Bankman-Fried’s founder has criticized aspects of the company report in a blog posting.
Bankman-Fried has been accused by FTX of stealing billions from customers of FTX to pay off debts incurred through his crypto-focused hedge funds, Alameda Research. He has denied the allegations.
According to Reuters, he claimed that the company’s lawyers had presented an “extremely misleading picture” of its finances.
According to his “best guess,” FTX claims it has enough money to repay US customers. He estimates that they owe between US$181mln – US$497mln –
FTX did not provide an estimate of the amount owed its US or international customers and it didn’t immediately respond to inquiries about Bankman-Fried blog post.
The company also provided additional information about its recovery efforts. It stated that it had recovered US$1.7bn cash, US$3.5bn liquid cryptocurrency and US$300mln liquid securities.