FTX Loses $415 Million Since Filing for Bankruptcy, Bankman-Fried Argues FTX.US is Solvent

FTX has reportedly lost $415 million in crypto to hacks since filing for bankruptcy, but SBF argues FTX.US remains solvent.

An Alien wearing blue hacker sunglasses.

In a report to its creditors dated Tuesday, January 17th bankrupt crypto exchange FTX revealed that it had lost $415 million in cryptocurrency due to hacks.

FTX Has Lost $415 Million to Hacks

In a recent presentation, lawyers and advisors for FTX provided an update on its total liquid assets. While they peg the value at $5.5 billion, they note that a significant amount has been lost to “unauthorized third-party transfers.”


Acting FTX CEO John Ray has said that since filing for bankruptcy, the exchange has lost $415 million to hackers, $323 million from FTX’s international exchange, and $90 million from its U.S. exchange. 

The missing crypto could be connected to a hack of FTX’s systems that was uncovered shortly after the company collapsed in November. The report also details another $2 million of crypto lost by Alameda Research.

FTX.US Remains Solvent

Indicted FTX co-founder Sam Bankman-Fried, accused of stealing billions of dollars from FTX customers, has challenged the company’s report in a blog post. He says the report presents an “extremely misleading” picture of FTC’s finances.

Based on his “best guess,” SBF believes customers are owed between $181 million and $497 million. According to SBF, FTX has more than enough money to repay U.S. customers — something he claimed after FTX filed for bankruptcy.

On the Flipside

  • Blockchain analytics firm Elliptic puts a higher value, reporting that $477 million worth of crypto has been lost since the bankruptcy filing.

Why You Should Care

FTX is undergoing a “Herculean investigative effort” to maximize the recovery of lost and unaccounted-for assets.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia