FTX lawyer: 'Substantial amount' of assets has been stolen

The admission came during FTX's first court appearance since the company filed for bankruptcy protection on November 11. Such hearings typically happen days after a filing, but this one was delayed because FTX's collapse came suddenly and management kept few if any records.

FTX, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run. The company estimates that there are more than 100,000 claims against it so far, and that number is likely to rise to above 1 million once the bankruptcy case is settled. In court, FTX's lawyers admitted that a “substantial amount” of assets had been stolen from FTX accounts.

FTX's bankruptcy has generated substantial interest beyond just cryptocurrency investors. The company had major sports sponsorships as well, including deals with Formula One racing and Major League Baseball. FTX had the naming rights to a sports arena in Miami, and several celebrities were either invested in FTX or did sponsorship deals with the company.

Here's the playbook on how the Democrats stifled the red wave:

And PP was all for Canadians to invest in this 💩! He even suggested the government move from cash to Bitcoin! That sounds like a great idea now doesn't it!

But Matt Damon told me fortune favours the brave.

So will this result in a “substantial amount” of criminal proceedings?

That's fine. New normal, right?

Ken34205423

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FTX owes nearly $3.1B to creditors, lawyers warn about “Enormous Exercise”Investors are curious as to when they will get their money from the now-defunct cryptocurrency exchange FTX. Unfortunately, insolvency attorneys have cautioned that it might take “decades.” The cryptocurrency exchange reportedly owes its 50 largest creditors close to $3.1 billion. Additionally, it has applied for bankruptcy court protection in the United States. Without naming them, […]
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