FTX Says $415 Million Of Crypto Was Stolen By Hackers

Bankrupt %Cryptocurrency exchange %FTX says that it lost $415 million U.S. worth of cryptocurrencies to hackers who infiltrated its client accounts.

In court, lawyers and advisors for FTX said they have now recovered a total of $5.5 billion U.S. in cash and cryptocurrencies from the bankrupt firm.

The crypto exchange filed for bankruptcy on November 11 of last year, citing $8 billion U.S. in missing assets.

However, representatives for FTX say they estimate that as much as $415 million U.S. was stolen by hackers who targeted the exchange in the days immediately following its bankruptcy filing.

Another $2 million U.S. is believed to have been stolen from hedge fund Alameda Research.

FTX filed for bankruptcy after a wave of withdrawals crippled the exchange and its sister hedge fund Alameda Research.

Former FTX chief executive officer (CEO) Sam Bankman-Fried has been indicted by federal prosecutors on fraud and money laundering charges. He has pleaded not guilty and been released on a $250 million U.S. bond ahead of a trial that’s scheduled to begin this October.

Lawyers and advisors continue to search for FTX’s assets in an effort to repay debtors. That includes hundreds of millions of dollars worth of property in the Bahamas, where Bankman-Fried lived and ran the company before it collapsed last fall.

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