FTX Begins Strategic Review of Global Assets as Hacker Dumps ETH

Bankrupt crypto exchange FTX has launched a global review of assets in an attempt to recover as much funds as possible.
source: unsplash
source: unsplash

Along with FTX, another 101 affiliated firms will be part of the process, according to a company press release. Debtors of FTX are engaged with the advisory firm Perella Weinberg Partners for reorganization or sale of assets. However, it is subject to court approval. 

“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” said Mr. John J. Ray III, CEO of FTX. 

He added that some of the subsidiaries are not debtors in the chapter 11 cases, while others are debtors. The priority will be to explore sales of the assets concerning these subsidiaries. 

FTX debtors have filed for an interim relief from the court, which is set to be heard on Nov. 22. While there’s no deadline for the restructuring of assets, Ray has promised a solution. 

FTX hacker dumps ETH

According to blockchain analytics company Chainanalysis, stolen funds from FTX are being converted from ETH into Bitcoin. “Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect,” wrote Chainanalysis. 

Amid the collapse of FTX, a fraudulent actor stole 228,523 ETH from the exchange. The coins amount to approx $268,000,000, making the hacker one of the largest whales. 

Ethereum has dropped below the critical support level of $1200 due to the selling pressure. 

Meanwhile, FTX’s founder Sam Bankman-Fried is allegedly under investigation in the Bahamas.

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About the Author
Himan Mohapatra
Himan Mohapatra
Himan Mohapatra is an industry expert within the crypto-sphere and the primary journalist for Coinmash. He is passionate about finance and disruptive tech, such as blockchain. One can find him playing Valorant or FIFA when away from his desk.