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FTX, the bankrupt crypto exchange, informed its creditors in its January 17, 2023, report that the exchange had lost around 415 million US dollars in cryptocurrency due to hacks.
John Ray, current Chief Executive Officer of FTX, noted in a separate report that approximately $323 million in crypto had been hacked from FTX’s international exchange unit, and around $90 million had been hacked from its US exchange after a bankruptcy filing in November 2022.
The founder and ex-CEO of FTX, Sam Bankman Fried, are accused of stealing billions of savings of FTX customers to pay debts incurred by Alameda Research which the so-called girlfriend of Sam Bankman headed.
Although it is important to note that Bankman Fried has not pleaded to the fraud charges over this event.
Last week FTX talked to a bankruptcy judge in Delaware, noting that the exchange has recovered over $5 billion in crypto, cash and liquid securities after 68 days of filing for bankruptcy.
On January 17, 2023 ex-crypto exchange detailed the figure of $5 billion, which consisted of $1.7 billion in cash recovered,$3.5 billion in liquid cryptocurrencies and around $300 million in liquid securities.
John Ray quotes, “We are making progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information.”
The total recovered crypto assets to date include $ 685 million in Solana,$529 million in FTT native token of FTX and $268 million in bitcoin based on the crypto prices on the filing for bankruptcy.
Bankman Fried was among the admirers of Solana, and after FTX’s bankruptcy, prices of SOL tokens descended by around 76-78 Percent. As per data from CoinMarketCap, SOL token’s highest traded at around $261 on November 6, 2021.
Several analysts believe that the downfall of SOL tokens during November was a reflex action of news of FTX collapse because the crypto exchange is among the biggest institutional holders of SOL tokens.
The SOL prices have fallen by more than 78% since the collapse. Meanwhile, the volume saw a sudden spike reflecting intense selling pressure among the holders. The volume again rose when the prices tested the support zone near $12. From December 30, the prices started to have a relief rally which escalated by more than 150%.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
