Flagging bankruptcy, FTX’s new executives track down billions of dollars missing from the stock market.
The new US executives of FTX are in an adventure like an action movie. If anyone remembers; In the movie called In Pursuit of Money, which was shot in the early 2000s, the criminal, knowing that the police were after him, was secretly hiding the money in someone’s luggage. On the other hand, there was a change in the side that took the money. It is possible to compare the relationship of FTX and Alameda to this. The new managers of FTX, who are after billions of dollars that have disappeared, are also in the role of police.
FTX Hired Forensic Team To Trace The Missing Money
The US executives of the bankrupt crypto company commissioned the AlixPartners team, led by the former chief accountant of the SEC’s executive division.
A lawyer for FTX said in bankruptcy court last month that a significant portion of its assets were lost or stolen. Sam Bankman-Fried, founder of FTX, told The Wall Street Journal in an interview published this week that he could not explain what happened to the billions of dollars sent from FTX to a related trading firm, Alameda Research.
According to the news in the Wall Street Journal, people with knowledge on the subject said that AlixPartners will be tasked with asset tracking to detect and try to recover lost digital assets.
FTX said the number of retail and corporate customers affected by its collapse hits the millions. Only the top 50 creditors have more than $3 billion in debt, according to court documents. Finding where the missing billions went seems to be a complex task.
“SBF and Colleagues in Danger”
John Ray, newly appointed CEO of FTX, said the firm’s financial reporting was unreliable.
Continuing his speech, Ray described Sam Bankman-Fried, former CEO of FTX, and his colleagues as “potentially endangered.” He also stated that FTX uses software to hide misuse of customer funds.
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