FTX Hack: Document Suggests Money Is With Authorities

While even Sam Bankman-Fried, founder and former CEO of FTX, has confirmed the hack of his brokerage, a new document from the bankruptcy process indicates that such funds may be in the hands of the authorities of the Bahamas, FTX’s home country.

The transactions, involving the equivalent of billions of reais in cryptocurrencies, took place shortly after FTX declared bankruptcy and are said to have been carried out by the SBF itself.

Another point that stands out is the calmness of SBF when it comes to the subject. Without even showing interest in an investigation, the former billionaire seemed to ignore the missing amount, saying he was trying to raise billions to save his company.

SBF transferred cryptocurrencies from FTX to Bahamian authorities?

Citing Sam Bankman-Fried’s own interviews with Vox, an 11-page document published this Thursday (17) hints that the billions from the alleged FTX hack may be in the hands of Bahamian authorities.

“In addition, Mr. Bankman Fried and Mr. Wang stated in registered and verified filings that “Bahamian regulators” have determined that certain transfers of accounts receivable assets must be made upon petition by Mr. Wang and by Mr. Bankman-Fried (both of which the debtors understand were effectively in custody with the Bahamian authorities) and that such assets were “held in FireBlocks under the control of the Bahamian government”.

“The debtors [FTX]therefore have credible evidence that the Bahamian government is responsible for directing unauthorized access to debtors’ systems for the purpose of obtaining debtors’ digital assets.”

However, it is noteworthy that this address is still active, i.e. sending transactions. In addition, there are seven other addresses associated with the main address, making it difficult to believe the points presented above by the current FTX command.

Finally, one of these addresses already holds 241,471 ETH (R$1.5 billion), the 30th largest Ethereum whale after rising five positions in the past few days.

I’ve never seen anything like it, says FTX’s current CEO

In another document on FTX’s bankruptcy filing, current CEO John Ray points out that in his 40 years of experience in restructuring processes, he has never seen such disregard for a company’s accounting.

That is to say, it is quite likely that the unauthorized movement of FTX cryptocurrencies is also part of this mess. Anyway, at least one person must know the truth, but hide it.

As such, former FTX customers have to suffer for a few years as they try to get some of their money back. Other investors also have to wait for a long bear market until confidence in the stock markets is restored, or at least until the FTX fiasco is forgotten.

Source: Live Coins