$415 Million in Crypto Stolen from FTX Exchange, CEO Pleads Not Guilty to Fraud Charges

Collapse of cryptocurrency exchange ftx resulted in hackers stealing around $415m (â£338m). the company’s ceo reported that $323m was taken from its international exchange and $90m from its us platform. ftx co-founder sam bankman-fried was accused of stealing billions of dollars from ftx users to pay debts at his other firm, alameda research, and has pleaded not guilty to fraud charges.

Meltdown of the platform began on 11 november 2020, when ftx filed for bankruptcy protection. at the time, the company was valued at $32bn, and it was estimated that $8bn of customer’s funds were missing. last week, ftx told a bankruptcy judge in delaware that it had recovered more than $5bn in assets, including $1.7bn in cash, $3.5bn in liquid cryptocurrency and $300m in liquid securities. in december, mr bankman-fried was arrested in the bahamas, where he lived and ftx was based, before being extradited to the us and freed on a $250m bail package.

Prosecutors claim that the meltdown at the platform stemmed from “intentional fraud”. they accused mr bankman-fried of misappropriating ftx customer funds to pay debts at his other company, alameda, and to make other investments. he was charged with eight criminal charges, including wire fraud, money laundering and campaign finance violations, though he has denied the charges. financial regulators have also brought claims against mr bankman-fried.


By Evey Lovelace

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