The lawyers for FTX disclosed Tuesday 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.
Lawyers for FTX disclosed Tuesday 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.
“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.”FTX, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run.
In court, FTX’s lawyers admitted that a “substantial amount” of assets had been stolen from FTX accounts.This would-be crypto trillionaire promised to give away his wealth, but did he ever really mean it? FTX’s bankruptcy has generated substantial interest beyond 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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