The lawyers for FTX disclosed Tuesday that a “substantial amount' of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back.
Lawyers for FTX disclosed Tuesday that a “substantial amount” of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back.
“This company was run by inexperienced, unsophisticated and potentially personally compromised individuals,” said James Bromley, a partner with Sullivan & Cromwell, the law firm hired by FTX’s debt holders to navigate the company through bankruptcy. “It is one of the most abrupt and difficult company collapses in the history of corporate America.”FTX, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run.
In court, FTX’s lawyers admitted that a “substantial amount” of assets had been stolen from FTX accounts.This would-be crypto trillionaire promised to give away his wealth, but did he ever really mean it? FTX’s bankruptcy has generated substantial interest beyond cryptocurrency investors. The company had major sports sponsorships as well, including deals with Formula One racing and Major League Baseball. FTX had the naming rights to a sports arena in Miami, and several celebrities were either invested in FTX or did sponsorship deals with the company.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX lawyer: ‘Substantial amount’ of assets has been stolenLawyers for FTX disclosed Tuesday that a 'substantial amount' of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back.
Read more »
Crypto exchange has substantial ‘missing’ assets, FTX lawyer says“A substantial amount of assets” belonging to the collapsed cryptocurrency exchange company have “either been stolen or are missing,” said FTX’s lawyer at a bankruptcy hearing. The company’s 30-year-old co-founder, Sam Bankman-Fried, resigned.
Read more »
FTX had 'substantial amount' of assets stolen, diminishing odds users will get their money backLawyers for FTX Trading disclosed Tuesday that a 'substantial amount' of assets has been stolen from accounts on the collapsed cryptocurrency exchange, diminishing the odds that its millions of users will get their money back.
Read more »
FTX lawyer: 'Substantial amount' of assets has been stolenLawyers for FTX disclosed Tuesday that a “substantial amount' of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. The admission came during FTX's first court appearance since the company filed for bankruptcy protection on November 11. Such hearings typically happen days after a filing, but this one was delayed because FTX's collapse came suddenly and management kept few if any records.
Read more »
FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Assets Stolen or MissingA “substantial amount” of assets of failed crypto exchange FTX are presently missing and may have been stolen as a liquidity crunch precipitated a crisis of leadership and led the firm to collapse, its lawyer said in court
Read more »
FTX Collapse: A ‘Substantial Amount’ Of Assets Are Missing And May Have Been StolenThe failed exchange filed the largest chapter 11 in crypto history.
Read more »