randonlyCryptoUnauthorized transactions of $413 million since the bankruptcy of FTX

Unauthorized transactions of $413 million since the bankruptcy of FTX

Since the bankruptcy filing, $323 million from FTX and $90 million from FTX US have been categorized as “unauthorised third party transactions.”

In response to their recent chapter 11 petition, FTX Trading Ltd. and its related creditors revealed in a press release on Tuesday that they had identified almost $5.5 billion in liquid assets. This sum consists of $0.3 billion in securities, $1.7 billion in cash, and $3.5 billion in cryptocurrency.

The statement came during a meeting with the Official Committee of Unsecured Creditors, during which a presentation summarizing the FTX Debtors’ assets and property was revealed.

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The FTX Debtors, on the other hand, stated that there is a significant shortage of digital assets at both the FTX.com and FTX US exchanges.
To make matters worse, $323 million from FTX has been recognized as “unauthorised transactions” after the bankruptcy filing, and $90 million has disappeared from FTX US in the same way.

The FTX Debtors recognized roughly $1.6 billion in digital assets linked with the exchange at FTX.com as of the petition date, which is much less than the aggregate third-party customer balances reported by the exchange’s electronic ledger.

Similar to the FTX US exchange, the FTX Debtors have discovered about $181 million in digital assets, which is far less than the total balances of third-party customers that the electronic ledger suggests.

The FTX Debtors further acknowledged that some of the digital assets had been transferred to third parties, while others had been placed in cold storage under the supervision of several bodies, including The Securities Commission of The Bahamas and the FTX Debtors.

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The FTX Debtors are continuing their efforts to seize assets that might be connected to the exchanges and, whenever possible, to link digital assets to the exchanges.

Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors, John J. Ray III, says:

“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,”

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And he added “We ask our stakeholders to understand that this information is still preliminary and subject to change. We will provide additional information as soon as we are able to do so.”

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