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Home»TRADING NEWS»Over $5 Billion in “Missing FTX Funds” Reportedly Found
TRADING NEWS

Over $5 Billion in “Missing FTX Funds” Reportedly Found

By Crypto FlexsDecember 3, 20232 Mins Read
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Over  Billion in “Missing FTX Funds” Reportedly Found
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Bankrupt cryptocurrency exchange FTX has reportedly uncovered $5 billion worth of cash, cryptocurrencies, securities and other assets. However, the extent of customer damage is still unclear.

Prosecutors have accused FTX’s former CEO, Sam Bankman-Fried, of orchestrating a massive fraud that could have cost investors, customers and lenders billions of dollars. Bankman-Fried has pleaded not guilty to charges of defrauding investors.

What did you discover?

The recovered funds do not include assets seized by the Securities Commission of the Bahamas, where FTX is headquartered and Bankman-Fried was residing at the time of his arrest. Football star Tom Brady, his former wife Giselle Bündchen and New England Patriots owner Robert Kraft are among the customers and investors mentioned in court filings as suffering losses. It was one.

FTX filed for bankruptcy protection last November and is estimated to be missing $8 billion in customer funds. U.S. federal prosecutors accused Bankman-Fried of misappropriating funds from FTX customers to pay off debt and make other investments at his cryptocurrency trading firm, Alameda Research. Last December, prosecutors announced eight criminal charges, including wire fraud, money laundering, and violating campaign finance laws. Financial regulators have also filed lawsuits against Bankman-Fried. Most of FTX’s customers and investors who suffered losses were not named at the hearing.

Details about how and where the $5 billion was discovered have not yet been released.

Who is involved?

FTX co-founder Gary Wang and Alameda’s former CEO Caroline Ellison were also indicted for their roles in the company’s collapse. Authorities said both men are cooperating with the investigation. In December, Bankman-Fried was released from custody on $250 million bail on the condition that she not leave her parents’ home in California. “I did not knowingly commit fraud,” he told BBC News before his arrest. I don’t think I was scammed. I didn’t want this to happen. I was definitely not as capable as I thought I was.”

Your capital is at risk. The value of any investment you make can go down as well as up, so you could get back less than your initial investment. This article is written for general information purposes and should not be considered legal or investment advice. The views, thoughts and opinions expressed herein are those of the author and do not necessarily reflect or represent the views and opinions of Crypto-News.

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