FTX reports missing $415 million in cryptocurrencies due to hacks

FTX informed creditors that it had lost approximately $415 million in cryptocurrencies due to hacks since declaring bankruptcy on November 11.

A few days after FTX declared bankruptcy in November, new CEO John Ray announced that the exchange had been hacked and had lost over $372 million.

According to the company, the missing funds include “unauthorized third-party transfers” of $323 million from (the international business) and $90 million from FTX US. Another $2 million in cryptocurrency was stolen from hedge fund Alameda Research.

The hacked funds are part of the US$5.5 billion in liquid assets identified for recovery by FTX, which includes US$1.7 billion in cash, US$3.5 billion in cryptocurrencies (including FTX Token (FTT), and US$300 million in liquid securities.

FTX also stated that it had recovered more than $5 billion in cryptocurrency, cash, and liquid securities, but that significant shortfalls remained at both its international and US crypto exchanges. It said it had recovered $1.7 billion in cash, $3.5 billion in liquid cryptocurrency and $300 million in liquid securities.

Based on crypto prices on November 11, 2022, the recovered crypto assets include $685 million in Solana, $529 million in FTX’s proprietary FTT token, and $268 million in bitcoin. Solana, which Bankman-Fried praised, lost the majority of its value by 2022.

The sources for this piece include an article in Reuters.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web