Lawyers for FTX disclosed that a “substantial amount' of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back.
The FTX Arena name is still visible where the Miami Heat basketball team plays Saturday, Nov. 12, 2022, in Miami. Lawyers for FTX disclosed Tuesday that a “substantial amount" of assets have been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back.
“This company was run by inexperienced, unsophisticated and potentially personally compromised individuals,” said James Bromley, a partner with Sullivan & Cromwell, the law firm hired by FTX's debt holders to navigate the company through bankruptcy. “It is one of the most abrupt and difficult company collapses in the history of corporate America.”
However getting all those funds back has become increasingly difficult. In the days after FTX's collapse, hundreds of millions of dollars of cryptocurrencies were moved out of FTX's accounts and into other cryptocurrency wallets.
“We understand the concern and outrage, and we are working day and night to bring order to disorder,” Bromley said.FTX's bankruptcy has generated substantial interest beyond just cryptocurrency investors. The company had major sports sponsorships as well, including deals with Formula One racing and Major League Baseball. FTX had the naming rights to a sports arena in Miami, and several celebrities were either invested in FTX or did sponsorship deals with the company.
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