FTX says crypto worth $415 million hacked, Bankman-Fried refutes the claim

FTX, the Crypto exchange that declared bankruptcy revealed to creditors about $415 million was stolen through hacks. Read to know more.

FTX reveals $415 million stolen

On Tuesday, FTX revealed it recovered more than $5 billion in cash, liquid, and crypto securities. However, significant shortfalls remain both in its US and international exchanges. Blaming the shortfall to hacks, FTX revealed that crypto totaling $415 million was stolen. Among this $323 million was from its international exchange and $90 million from its US exchange.

However, Sam Bankman-Fried, the founder is challenging some portions of the report in a blog post. As per Bankman-Fried, the lawyers from Sullivan and Cromwell presented them with an “extremely misleading” picture of the finances. Hence, he believed the company had more than enough to pay its customers in the US. However, Sullivan and Cromwell declined to comment. As per the ex-CEO’s statements, the company owes customers between $181 to $497 million. However, after stepping down as the CEO of FTX, Bankman-Fried does not have access to the accounts.

More on the stolen crypto and funds

Bankman-Fried is also accused of stealing billions from customers of FTX to pay debts incurred by Alameda Research. Alameda Research is Bankman-Fried’s crypto-focused hedge fund. While he pleaded not guilty, he will be facing trials in October. Additionally, FTX revealed success in recovering $3.5 billion in liquid crypto, $300 million in liquid securities, and $1.7 billion in cash. “We are making progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information,” stated John Ray. Ray is the CEO and attorney of the firm.