FTX US discovers that another $ 90 million are missing

FTX US discovers that another $ 90 million are missing

While the FTX and its affiliated companies are continuing to develop, more and more cases of assets come to light that have been transmitted by the stock exchange

closer to half a billion

The US Justice Ministry has already started to investigate the $ 400 million hack, which has deducted assets from the property of FTX. Whether the hack was carried out by bad actors who benefited from the chaotic downfall of the stock exchange, or an insider job, is ultimately decided by the court.

Nevertheless, the message that was shared today during a meeting with the Official Committee of Unsecved Creditors (UCC) from FTX brings the total amount of assets that have disappeared due to hacks after bankruptcy, just $ 10 million, almost half a billion.

This number represents a significant fraction of the $ 5.5 billion of liquid funds that have been reported to have been reported by the debtors.

half of the identified US assets stolen

Unfortunately, the above numbers relate to assets that are held by the FTX Group as a whole. As far as the US unit of the failed stock exchange is concerned, only $ 181 million in liquid funds were identified. 88 million US dollars have already been placed in Cold Storage under the control of FTX debtors, another $ 3 million in assets are still pending in order to be transferred to Cold Storage under the control of the debtors.

The remaining 90 million dollars seem to have risen in flames.

According to John J. Ray III, the new CEO of FTX, which was consulted due to his experience with similar competitions such as Enron to monitor the restructuring process, the information provided during the call was temporarily and required "Herculean exertion" to uncover it.

"We are making important progress in our efforts to maximize the recovery, and it has cost a Herculular examination performance by our team to uncover this preliminary information. We ask our stakeholders to understand that this information is still temporary and can change. We will provide further information as soon as we are able."

The temporary CEO has already insulted FTX because of an almost unprecedented lack of corporate supervision and due diligence. In view of the arbitrary nature of the company's bookkeeping, Mr. Ray's assessment of the efforts that are necessary to determine these assets is most likely correct.

Mr. Ray also assured the creditors that he and his team, who was consulted at FTX to clean up the chaos, will do everything in their power in order to get as many assets back into the hands of the FTX creditors as possible.

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