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FTX Assets Still Missing as Firm Begins Bankruptcy Process

Summary

The article discusses the recent bankruptcy filing by cryptocurrency exchange FTX, and the subsequent investigation into the company's finances. Lawyers for FTX have disclosed that a substantial amount of the company's assets are missing, and that the company is facing cyberattacks. The company's new chief executive has described the situation as the "worst [he's] ever seen."

Q&As

How much of FTX's assets are missing?
A substantial amount of FTX's assets are missing.

How did FTX's collapse impact customers?
FTX's collapse left customers scrambling to recover billions of dollars in cryptocurrencies that they deposited on the FTX platform.

Who is Sam Bankman-Fried?
Sam Bankman-Fried is a onetime crypto billionaire who gave up control of FTX and Alameda Research at the time of the bankruptcy filing.

How was FTX's corporate empire run?
FTX's corporate empire was run as Sam Bankman-Fried's "personal fiefdom."

What are the next steps in the FTX bankruptcy process?
The next steps in the FTX bankruptcy process will determine how much of the lost customer funds can be retrieved.

AI Comments

👍 "The company's assets have disappeared, an FTX lawyer told a bankruptcy judge on Tuesday." This is a very honest and transparent way of handling the company's affairs and I commend them for it.

👎 "A substantial amount of assets have either been stolen or are missing,” said James Bromley, a partner at the law firm Sullivan & Cromwell who is representing FTX, at a bankruptcy hearing in federal court in Delaware." This is a very serious accusation and it makes me question the safety of my assets with this company.

AI Discussion

Me: It's about the FTX crypto exchange. Apparently a lot of the company's assets are missing, and the company is under investigation by the SEC and the Justice Department.

Friend: That's crazy. I had no idea things were that bad at FTX.

Me: Yeah, it's pretty wild. I'm not sure what's going to happen to all the people who had money deposited at the exchange.

Action items

Technical terms

FTX
a cryptocurrency exchange that collapsed this month after a run on deposits left the company owing $8 billion
Alameda Research
a crypto hedge fund that FTX lent billions of dollars to
Sam Bankman-Fried
the onetime crypto billionaire who gave up control of FTX and Alameda Research at the time of the bankruptcy filing
bankruptcy
the legal process through which FTX's assets will be distributed
Securities and Exchange Commission (SEC)
a US government agency that is investigating FTX for possible misappropriation of customer funds
Justice Department
a US government agency that is investigating FTX for possible misappropriation of customer funds
FTX customers
people who deposited money on the FTX platform
FTX assets
the cryptocurrencies that FTX customers deposited on the platform

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