FTX claims that over 415 million worth of crypto is hacked

In 2022, the FTX fiasco has caused a lot of crypto to dwindle in value given the market’s innate volatile nature. While the crypto scene is looking better in 2023, FTX has another incident to unfold as millions of dollars is at risk. 

FTX stated that around $415 million worth of coins was hacked from the site’s accounts. This figure represents a huge portion of the assets the firm has been working on to recover since the dawn of its bankruptcy. 

Will this be the nail to FTX’s coffin or can they bounce back and make a huge comeback that’ll cause a positive wave of events to occur? One thing’s for sure, FTX needs to recover yet another blunder with their site accounts as soon as possible. 

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How millions of dollars worth of crypto was compromised

During a presentation called ‘Maximising FTX Revories’, attorneys and cryptocurrency advisers of FTX gave an update on the total amount of all liquid assets that need recovery. They stated that the overall recoverable figure was about $5.5 billion. 

One thing to take note of is that this portion includes unauthorised third-party transfers of approximately $323 million out of its international business alone. Around $90 was from FTX US and another $2 million worth of hedge funds was reported stolen. Together, these add up to a whopping $415 million sum that needs to be recovered on top of their already pre-existing financial dilemmas. 

Experts believe that this cyberattack, much like crypto rugpull, is somehow connected to the company’s collapse last November 2022 when FTX’s systems were hacked. Similar numbers appeared on the recorded sheets of up to $477 million worth of stolen crypto. 

Is FTX in deeper trouble than it already is?

This FTX issue has left the company in a much deeper hole than they already were months prior. However, counsellors and FTX administrators are exerting maximum effort into ensuring that its debtors and investors are well taken care of amidst this crisis. 

‘We are making important progress in our efforts to maximise recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information’, stated acting CEO at FTX, John Ray.

Despite separating the liquid and illiquid crypto, FTX claimed that there is a total worth of $529 million self-issued coins under its FTT ‘liquid assets’ recording. Its native coin, FTT, lost over 90% of its overall value since its collapse last November 2022. 

It’s safe to say that these events only worsened for the company and its investors are counting on them to find the best possible solution. For the latest news on FTX and any crypto-related information, be sure to check Gamdom for the best Bitcoin casino games and latest news on the crypto industry. 

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Words: Vonn Consul