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FTX Investigating Possible $515 Million Hack After Bankruptcy Filing

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“You, as a customer, are like, ‘Oh, I don’t want to be the last customer who doesn’t have funds left to actually return the money, so I’m going to try to withdraw,'” said Belladittakit. said. Pantera Capital said:

As speculation about a suspicious FTX fund transfer circulates on Twitter, crypto industry insiders seem to be summarizing the situation in real time. After reports circulated that someone involved in the transfer of funds had an account on Kraken, another cryptocurrency exchange, Kraken Chief Security Officer Nick Percoco said: murmured“We know the identity of the user.”

Ryne Miller, general counsel for FTX’s U.S. division, responded immediately. “I’m interested in anything I can share,” he said. “Could you please contact me?” A Kraken spokesperson did not immediately respond to a request for comment.

The Bankman-Fried debacle was a stunning fall from grace for an executive who has been compared to financial giants like John Pierpont Morgan and Warren Buffett. But as bankruptcy plunged his empire into chaos, a different picture emerged.

SEC and DOJ investigators are investigating whether Bankman-Fried misused client funds to support Alameda Research, a trading company he also owns. FTX lent Alameda as much as $10 billion of his client money, according to people familiar with the finance.

A few months before bankruptcy, a rift had begun. People close to Bankman-Fried said he reacted defensively to feedback that he was overdoing it and needed to hire more staff. He also delayed paying bonuses to employees who were supposed to leave before the end of the year, delaying payments by several months, the people said.

Bankman-Fried also reacted annoyed when employees asked to receive more bonuses in cash instead of stock, saying employees who didn’t want to own stock in the company should quit. .

FTX did not respond to requests for comment.

Erin Griffith and Stephen Gandel contributed to the report.

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