Crypto News

$415 Million in Crypto Funds Stolen After FTX Exchange Goes Bankrupt:

FTX told creditors that it had lost around $415 million

On Tuesday, FTX told creditors that it had lost around $415 million worth of cryptocurrencies to hacks since it filed for bankruptcy in November.

The exchange claims that $323 million was stolen by an “unauthorized third party” from FTX’s international exchange, and $90 million had been siphoned from FTX US.

Another $2 million was hacked out of Alameda Research, the brokerage arm of the Bahamas-based exchange.

FTX identified liquid assets worth US$5.5 billion for recovery, including US$1.7 billion in cash, US$3.5 billion in cryptocurrencies, and US$300 million worth of liquid securities.

The exchange filed for Chapter 11 bankruptcy in the U.S. and former CEO Sam Bankman-Fried was accused of eight charges including wire fraud and conspiracy to commit money laundering.

Bankman-Fried pleaded not guilty to fraud charges earlier this month. FTX advisors are mulling a clawback of $2.1 billion Binance received in BUSD and FTT as it sold its stake in FTX in Q3, 2021.

Binance CEO Changpeng Zhao recently said that the company will remain stable even after a $2.1 billion pay.


I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency and new technology.