The full extent of FTX’s financial disarray is becoming clearer as the failed crypto exchange’s new management combs for cash as part of the bankruptcy process
. In the company’s first Chapter 11 hearing in Delaware Tuesday, restructuring attorney James Bromley said that a “substantial amount” of assets have been stolen or are missing. FTX, formerly one of the most trusted brands in crypto, filed for bankruptcy earlier this month. Its CEO and founder, Sam Bankman-Fried, resigned, marking the implosion of his multi-billion-dollar crypto empire.
The updated figure underscores what FTX’s new chief executive described last week as a total lack of centralized cash controls under the management of Bankman-Fried. In a filing last week, the CEO, John J. Ray III, said the new management team had been able to only approximate the amount of cash on hand at around $564 million.
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