Cryptocurrency theft of $415 million reported by FTX

On Tuesday, FTX debtors provided an update on the status of their recovery efforts. According to the update, $415 million of crypto has been hacked from FTX's accounts, with total liquid assets identified for recovery valued at about $5.5 billion. This includes $323 million of unauthorized third-party transfers out of, $90 million out of FTX US and $2 million of hedge fund Alameda Research's crypto. The update also mentions a potential $2.1 billion share repurchase payment from FTX to crypto exchange Binance in the third quarter of 2021.

In December, FTX Founder and ex-CEO Sam Bankman-Fried was indicted by federal prosecutors on fraud and money laundering charges, to which he has pleaded not guilty. He is currently released on a $250 million bond ahead of his trial, which is set for October. FTX's lawyers and advisers are also reviewing a breakdown of FTX's assets, with a focus on potential recoveries that could be returned to debtors. This includes hundreds of millions of dollars worth of property in the Bahamas, where Bankman-Fried lived and ran the company.


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