Lawyers for FTX disclosed that a \u0022substantial amount\u0022 of assets have been stolen from the accounts of the collapsed cryptocurrency exchange.
The admission came during FTX’s first court appearance since the company filed for bankruptcy protection on November 11. Such hearings typically happen days after a filing, but this one was delayed because FTX’s collapse came suddenly and management kept few if any records.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
However getting all those funds back has become increasingly difficult. In the days after FTX’s collapse, hundreds of millions of dollars of cryptocurrencies were moved out of FTX’s accounts and into other cryptocurrency wallets.
FTX’s bankruptcy has generated substantial interest beyond just cryptocurrency investors. The company had major sports sponsorships as well, including deals with Formula One racing and Major League Baseball. FTX had the naming rights to a sports arena in Miami, and several celebrities were either invested in FTX or did sponsorship deals with the company.
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FTX lawyer says 'substantial amount' of assets have been stolenLawyers for FTX disclosed that a \u0022substantial amount\u0022 of assets have been stolen from the accounts of the collapsed cryptocurrency exchange.
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