At least $1 billion in customer funds has disappeared from the FTX cryptocurrency platform, according to two people familiar with the matter.
The platform’s founder, Sam Bankman-Fried, secretly transferred $10 billion in funds from FTX clients to Bankman-Fried’s Alameda Research trading company, the people told Reuters.
A large part of that total has since disappeared, they said. One source put the lost value at about $1.7 billion. The other said the difference was between $1 billion and $2 billion.
Hailed as a reliable platform just a week ago, FTX filed for bankruptcy protection this Friday (11). In an official statement, the company said Chief Executive Sam Bankman-Fried had resigned but would remain with the company to help with an orderly transition.
FTX also indicated that it would initiate a process to review and monetize assets for stakeholders. John J. Ray III has been named as the new CEO of the FTX Group.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
