FTX audit finds $415 million in crypto has mysteriously vanished
"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," said John Ray III, the CEO and Chief Restructuring Officer at FTX."We will provide additional information as soon as we are able to do so."
Of the missing funds, FTX said $323 million from FTX.com"was subject to unauthorized third-party transfers post-petition" – which is a corp-speak way of saying someone nicked it – and $90 million was taken from FTX US in the same manner. Two million dollars was also stolen from FTX subsidiary and hedge fund Alameda Research.declaration on November 11 last year – the same day the thief reportedly pulled off the heist.
A table from FTX's presentation detailing the flow of crypto into a hacker's wallets - Click to enlargealongside an announcement from the US Department of Justice that said it was investigating the theft in late December.The saga of FTX starts with Sam Bankman-Fried – or SBF – and his alleged funneling of customer funds to Alameda Research, which was then used to make risky investments and cover subsequent losses.
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