FTX management updated its estimated asset recoveries to $5.5 billion, and offered a new breakdown of over $400 million worth of missing assets.
FTX has identified about $5.5 billion worth of digital assets for recovery, a number that includes $415 million in "hacked crypto."
FTX's new CEO John Ray said in a statement that it's taken a "Herculean investigative effort from our team to uncover this preliminary information." FTX logo displayed on a phone screen is seen through the broken glass in this illustration photo taken in Krakow, Poland on November 14, 2022.on Tuesday that $415 million worth of crypto was hacked from the exchange's accounts, representing a sizeable portion of the identified assets the company is trying to recover.
In a presentation titled "Maximizing FTX Recoveries," lawyers and advisors for FTX debtors updated the total liquid assets identified for recovery, and said they're valued at about $5.5 billion. However, that includes "unauthorized third-party transfers" of $323 million out of FTX.com and $90 million out of FTX US, the company said in a statement. Another $2 million of hedge fund Alameda Research's crypto was also stolen. The missing crypto could be connected to aAt the time, the stolen crypto was valued at $477 million, according to blockchain analytics firm Elliptic.
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