FTX Says $415M In Crypto Hacked Since Bankruptcy

FTX Says $415M In Crypto Hacked Since Bankruptcy

Sam Bankman-Fried founded FTX said that $415 million in cryptocurrency was transferred by hackers from its international and U.S. exchanges.

What Happened: The bankrupt platform issued a press release on Tuesday in which it said that it had identified $323 million “subject to unauthorized third-party transfers” since it filed for bankruptcy from its international exchange.

With respect to the U.S. platform, FTX said $90 million was stolen by hackers. 

“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 CEO John Ray III.

See Also: Best FTX Alternatives: How To Keep Your Crypto Safe

Why It Matters: FTX FTT/USD provided details surrounding recoveries on Tuesday. The company said it had identified nearly $5.5 billion of liquid assets made up of $1.7 billion of cash, $3.5 billion of cryptocurrency, and $0.3 billion of securities. 

Last week, the beleaguered exchange had said it had recovered $5 billion in cash and other liquid assets but did not know the extent of customer losses.

Before FTX went bankrupt, the platform allowed investors and traders to buy and sell Bitcoin BTC/USD, Ethereum ETH/USD, and other digital assets.

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Posted In: CryptocurrencyNewsTop StoriesMarketsFTXhackingJohn Ray IIISam Bankman-Fried

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