Home FinTech Bankman-Fried asserts that FTX US is solvent as FTX crucial info

Bankman-Fried asserts that FTX US is solvent as FTX crucial info

In a statement to creditors on Tuesday, the bankrupt cryptocurrency exchange FTX stated that attacks had resulted in the theft of around $415 million in cryptocurrency.
Although FTX claimed to have recovered more than $5 billion in cryptocurrency, cash, and liquid securities, there was still a sizable deficiency at both its global and American cryptocurrency exchanges.
FTX said that some of the gaps were caused by cyberattacks, claiming that since it declared bankruptcy on November 11 there had been $323 million in crypto stolen from its global exchange and $90 million stolen from its U.S. exchange.
Later, in a blog post, indicted founder and hot-topic Sam Bankman-Fried disputed some elements of the study.
Bankman-Fried disputed FTX’s calculations late Tuesday, claiming that the company’s attorneys at Sullivan & Cromwell had provided an “incredibly misleading” photo of the company’s finances. Bankman-Fried is believed to have stolen billions of dollars from FTX customers to reimburse debts accrued by his crypto-focused hedge fund, namely the Alameda Research.

Bankman-Fried claimed FTX has more than sufficient cash on hand to pay back U.S. clients who, in his “best estimation,” are due somewhere between $181 million to $497 million. Since leaving her position as CEO in November, Bankman-Fried hasn’t had access to FTX documents.
A Sullivan and Cromwell spokeswoman declined to comment. In a recent court filing, the firm’s lawyers stated that they have rejected Bankman-attempts Fried’s to continue participating in the bankruptcy procedures for the business.
Bankman-Fried will go on trial in October after entering a not-guilty plea to the fraud accusations against him.
In addition to failing to immediately reply to inquiries on Bankman-blog Fried’s post, FTX did not estimate how much was owed to either its domestic or international clients.
On Tuesday, FTX published more information regarding its recovery efforts, stating that it has recovered $1.7 dollars in cash, $3.5 billion in liquid bitcoin, and $300 million in the form of liquid securities.
It has taken a Herculean investigation effort from our team to find this initial data, Ray said in a statement. There is some obvious progress being made in the attempts to optimise recovery.
Based on cryptocurrency prices on November 11, 2022, the recovered crypto assets to date total $685 million in Solana, as well as a sum of $529 million in FTX’s own FTT token, and a total of $268 million in bitcoin. Bankman-Fried acclaimed Solana, but it shook off the majority of its value in 2022.
FTX’s initial inquiry into system hacks revealed a Securities Commission of Bahamas asset confiscation in November, which sparked a conflict between FTX’s bankruptcy team in the United States and Bahamian regulators.
It was announced on Tuesday by Ray that the Bahamian government was keeping $426 million for creditors as a result of the two parties’ resolution of their differences in January.
During a Tuesday session at the Atlantic Council in Washington, the current Bahamas Prime Minister Philip Davis brought up the conflict and said Ray’s team had “come around” and acknowledged that the Bahamian asset forfeiture was appropriate and may have saved the evening for many FTX investors.
However, Apple Inc. (AAPL.O) is still hoping to introduce its first blended headset this year despite delaying the release of its ultralight augmented reality glasses indefinitely owing to technical difficulties, a news source claimed on Tuesday.

Sources revealed the mixed-reality headset from the iPhone maker, which blends augmented and virtual reality, will debut at this year’s spring event and will cost about $3,000.
The Meta Platforms (META.O) Quest Pro virtual plus mixed-reality headset, which it released late last year for $1,500, halfway of the Apple product’s rumoured price, would be a competitor to Apple’s mixed-reality device.
Instead of focusing on the AR smart glasses, the Cupertino, California-situated company now intends to concentrate on reducing the cost of the subsequent iteration of its mixed-reality device, which is anticipated as soon as 2024 or early 2025, based on the report.

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