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Cryptocurrencies. FTX has been hacked. $415 million stolen

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Bankrupt cryptocurrency exchange FTX reported in a report that approximately $415 million was stolen from its accounts as a result of a hacking attack. The company stressed that it had identified significant deficiencies in both its international and US cryptocurrency exchanges. “We are advancing our team’s work to uncover this information,” explained John Ray, the company’s CEO.

“Since filing for bankruptcy on November 11, approximately $323 million in cryptocurrencies and $90 million in cryptocurrencies have been stolen from the international exchange FTX and $90 million from the US exchange,” John Ray, the company’s CEO, said in a statement.

Charges against Bankman-Fried

In connection with the collapse of the stock exchange, the New York federal prosecutor’s office charged Bankman-Fried, the founder of the company, with eight charges in connection with fraud, embezzlement and violation of campaign finance laws. Separate allegations were also made by the stock exchange regulator SEC.

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Bankman-Fried used customer money to cover the debts and expenses of his investment fund, Alameda Research, according to New York prosecutors. The 30-year-old is also accused of colluding to break election campaign finance laws. It was supposed to pay money to the election campaigns of politicians of both major American parties using the so-called poles, as well as from corporate accounts, which is prohibited.

RBPF / Reuters / Forum

Recovered money

The lawyers of the FTX exchange informed the bankruptcy court in the US state of Delaware that they managed to recover some of the liquid assets. Their value was estimated at 5 billion dollars. It clarified that $1.7 billion in cash, $3.5 billion in cryptocurrencies and $300 million in securities were recovered.

FTX did not provide estimates of total liabilities, but said it had identified significant shortcomings in both its international and US cryptocurrency exchanges. “We are progressing our team’s work to uncover this information,” Ray explained in the release.

Cryptocurrency assets recovered so far include $685 million in Solana, $529 million in proprietary FTX token and $268 million in bitcoin, Valuation is based on cryptocurrency prices on November 11, 2022. Solana, which was recommended by Bankman-Fried, lost most of its value in 2022.

Seizure of assets in the Bahamas

During FTX’s initial investigation into hacking of its system, a November seizure of assets by the Securities Commission of the Bahamas was discovered, leading to a dispute between FTX’s insolvency team based in USA and Bahamian regulatory authorities. Ray said the government of the Bahamas is holding back $426 million for creditors.

Bahamian Prime Minister Philip Davis addressed the matter, saying Ray’s team had “recovered” and accepted that the asset seizure “was appropriate and may have saved many investors in FTX.”

Read also: The collapse of the cryptocurrency exchange. Some of the money was recovered

Main photo source: Peter Foley/PAP/EPA

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