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.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

However getting all those funds back has become increasingly difficult. In the days after FTX’s collapse, hundreds of millions of dollars of cryptocurrencies were moved out of FTX’s accounts and into other cryptocurrency wallets.

“We understand the concern and outrage, and we are working day and night to bring order to disorder,” Bromley said.Article content Nearly 700 individuals were in the Zoom meeting room for U.S. Bankruptcy Judge John Dorsey on Tuesday, and the hearing was also streamed on YouTube.

“Stolen”

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FTX lawyer: 'Substantial amount' of assets has been stolenLawyers for FTX disclosed Tuesday that a “substantial amount” of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. Ken34205423 That's fine. New normal, right? So will this result in a “substantial amount” of criminal proceedings?
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