$90 Million US FTX Assets Moved Through Unauthorized Transfers… Details Inside

  • After filing for bankruptcy, half of FTX’s $181 million in US assets were subject to unauthorized transfers from a third party.
  • FTX’s restructuring team has identified $5.5 billion in liquid assets as of press time.

After filing for bankruptcy, half of the $181 million in assets identified by FTX US, the US entity for the bankrupt crypto empire, was subject to unauthorized third-party transfers. These details were revealed in a presentation to the FTX Creditors Committee on January 17th.

According to FTX CEO John Ray III, it took a significant investigative effort for the team to uncover this initial information.

Unauthorized transfers from the main exchange, FTX.com, made headlines as hundreds of millions of dollars were lost the next day to the company. Archived to file for Chapter 11 bankruptcy in early November 2022. However, the company has not disclosed the location of the $90 million transferred from FTX US as of press time.

$88 million of FTX USA’s remaining assets have been transferred to the cold storage portfolio. In addition, there were an additional $3 million in pending transfers.

In a statement, the restructuring team said:

“الأصول التي تم تحديدها اعتبارًا من تاريخ التقديم[اليومالذيتقدمتفيهالشركةللإفلاسهيأقلبكثيرمنإجماليأرصدةعملاءالطرفالثالثالتياقترحهادفترالأستاذالانتخابيلشركةFTXUS”[اليومالذيتقدمتفيهالشركةبالإفلاسأقلبكثيرمنالإجماليأرصدةعملاءالجهاتالخارجيةالمقترحةمنخلالدفترالأستاذالانتخابيلشركةFTXUS”[dendagdåföretagetansökteomkonkursäravsevärtmindreändetsammanlagdasaldothostredjepartskundersomföreslåsavvalbokenförFTXUS”[thedaythecompanyfiledforbankruptcyaresubstantiallylessthantheaggregatethird-partycustomerbalancessuggestedbytheelectionledgerforFTXUS”[اليومالذيتقدمتفيهالشركةللإفلاسهيأقلبكثيرمنإجماليأرصدةعملاءالطرفالثالثالتياقترحهادفترالأستاذالانتخابيلشركةFTXUS”[اليومالذيتقدمتفيهالشركةبالإفلاسأقلبكثيرمنالإجماليأرصدةعملاءالجهاتالخارجيةالمقترحةمنخلالدفترالأستاذالانتخابيلشركةFTXUS”[dendagdåföretagetansökteomkonkursäravsevärtmindreändetsammanlagdasaldothostredjepartskundersomföreslåsavvalbokenförFTXUS”[thedaythecompanyfiledforbankruptcyaresubstantiallylessthantheaggregatethird-partycustomerbalancessuggestedbytheelectionledgerforFTXUS”

$415 Million in Crypto Assets “Stolen”

The presentation stated that $415 million in crypto assets had been stolen from the exchange’s accounts, according to FTX. The hacked funds allegedly include $323 million from FTX.com and $90 million from FTX US.

The fallout from the FTX collapse led to the bankruptcy of more than 130 entities, including Alameda Research and FTX US.

Earlier, on January 12, Sam Bankman-Fried claimed that FTX was “completely solvent” via a Substack newsletter. The company reportedly had $350 million in cash when he stepped down as CEO.

The FTX restructuring team also said it had identified $5.5 billion in liquid assets as of the time of the statement, including $1.7 billion in cash, $3.5 billion in cryptocurrency and an additional $300 million in liquid securities.

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