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Cyberattacks cost cryptocurrency company FTX $415 M in damages

FTX, a cryptocurrency company, said that hackers that targeted its US and worldwide exchanges, respectively, cost it US $90 million and US $323 million in losses. Alameda Research, a sibling firm, also had US $2 million stolen from it, increasing the total amount of lost assets to US $415 million.

The corporation also claimed that after filing for bankruptcy, it had effectively retrieved US$5 billion in liquid assets, including US $1.7 billion in cash, US $3.5 billion in liquid cryptocurrency, and US $300 million in liquid securities.

The Securities Commission of The Bahamas confiscated FTX assets worth US $3.5 billion for safekeeping following its bankruptcy filing in November 2022 and an alleged hack.

The amount that the company owes its clients has not yet been made public. FTX co-founder and former CEO Sam Bankman-Fried, who resigned last year after news of the company’s collapse, said that the exchange only owed its US-based clients between US $181 million and US $497 million. He said that FTX’s US subsidiary is solvent thanks to the money it has been able to retrieve.

Bankman-Fried, who was charged with eight crimes, including conspiracy to launder money and security fraud, pleaded not guilty and will go on trial in October.

 

 

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