Home News US investigates FTX hacking and the theft of $370 million

US investigates FTX hacking and the theft of $370 million


FTX filed for bankruptcy on November 1st following the sudden collapse of the exchange in the wake of a liquidity crisis, and a failed bailout from Binance. After the series of events, Bankman-Fried was forced to resign as CEO.

The founder of the exchange was accused of “fraud of epic proportions” and is facing criminal charges for defrauding investors.

Additionally, on Tuesday FTX customers filed a class action suit against the exchange and Bankman-Fried, seeking a declaration that the company’s holdings of digital assets belong to customers.

The complaint states that FTX had promised to seperate customer assets from company assets, but instead has misappropriated them.

The complaint stated that:

Customers class members shouldn’t be forced to join secured or general unsecured creditors during bankruptcy proceedings to receive a share of the diminished estate assets of Alameda and FTX Group.

LeapRate’s first post, US Investigates FTX Hack and The Stolen $370 Million appeared first on LeapRate.

Continue reading…

Previous articleEuropean Stocks Are Experiencing Losses
Next articleAussie finishes sturdy in 2022