SAFAKNA TURKEY – The eyes of the crypto world are on the FTX bankruptcy case, which has stalled in recent weeks. Investors and partners hunt for assets they can salvage, while clients struggle to determine who might be responsible for losing money.
Now, following the resignation of Sam Bankman-Fried, controlled by a new CEO and his executives, FTX faces the difficult task of using bankruptcy laws to protect customer funds and other assets.
A lawyer for the failed crypto exchange, who said a huge amount of FTX’s assets had been lost or stolen, has targeted the founder of the company, defending the lawsuit.
While Bromley has lost the knowledge that the company was also hacked, cyber attackers are believed to have removed 228,523 Ethereum from FTX during the stock market crash and bankruptcy. It is also believed that as of Nov. 21, Ethereum worth about $200 million has been moved to 12 different wallet addresses.
The lawyer also called FTX co-founder Sam Bankman-Freed’s “personal fiefdom” in court. “FTX was controlled by inexperienced and inexperienced people, and some of them were dangerous people,” said James Bromley, an attorney for FTX’s new administration, while defending the company in the largest cryptocurrency bankruptcy case in history.
As the company’s new management is just beginning to assess how much FTX lost in risky transactions during the Bankman-Freed era, they set up a team of investigators to find the money that left FTX before it went bankrupt.
HOPE HAS ENDED
The New York Attorney’s Office and the US Securities and Exchange Commission are continuing to investigate its collapse, which has caused a new wave of financial stress in the cryptocurrency industry. However, the process of freezing customer funds on the stock market continues. Investors also began to lose hope of getting their money back.
The extent of the gap between FTX’s liabilities to its customers and the current assets it can use to make payments is not yet known. Bromley’s lawyer also believes that the number of his individual and corporate clients reaches millions. The top 50 creditors have more than $3 billion in debt, according to court documents.
SOME ASSETS ARE IN THE BAHAMAS
On the other hand, FTX’s asset situation is considered to be more complex than it appears due to the company’s international identity. Some of FTX’s assets are frozen in the Bahamas, where the company moved last year.
Earlier this month, financial authorities in the Bahamas confiscated the digital assets of FTX’s local operations. The Bahamas Securities Commission confirmed the transfer of assets, but said the cryptocurrencies were moved to a state-controlled wallet “for security” and in accordance with local law.
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