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FTX exchange will not be able to return cryptocurrency to owners

7:24 pm, November 14, 2022

The bankruptcy of the recently successful Binance-rozirvala-ugodu-pro-pokupku-ftx/">FTX cryptocurrency exchange has affected the entire crypto market, including its customers. According to analysts, the chances of users receiving compensation for their lost funds are slim.

This became clear from FTX’s investment documents, which were accessed by the Financial Times — Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried 's exchange had only $ 900 million in liquid assets against $ 9 billion in liabilities. Most of these liquid assets, included in FTX’s international balance sheet from Thursday, consisted of $ 470 million worth of Robinhood shares.

Not only the exchange’s customers lost their money, but also its former employees, as they received part of their salaries in FTT cryptocurrency, which they kept on the exchange. Obviously, the hackers stole $ 515 million to recover what they had lost and compensate for moral damages. However, the security service of the American cryptocurrency exchange Kraken managed to quickly find out who was involved in the attack. Kraken specialists did not name the hacker, but they know his name because the fraudster had previously passed the KYC procedure on the platform and, accordingly, left his personal data. Crypto enthusiasts note that the hack itself was carried out with many silly mistakes that a real hacker would never make.

As for the founder of FTX, there is speculation that Sam Bankman-Fried risks repeating the fate of Terraform Labs CEO До ÐšÐ²Ð¾Ð½" href="https://noworries.media/biography/do-kvon/" data-bio-id="3665">Do Kwon. Fortune journalists found a lawyer who anonymously said that the U.S. Department of Justice’s prosecutors have grounds to arrest Sam Bankman-Fried. Even if, at first glance, the facts of law enforcement may seem irrefutable, the lawyer named two potential obstacles to any criminal proceedings against the FTX CEO. One of them is intent. The lawyer emphasized that any charges brought will directly depend on whether Sam Benkman-Fried was not just incompetent, but intentionally deliberately deceived investors. This is to be determined by the investigation: «Mismanaging your own company and losing other people’s money is not a crime. It happens all the time. For a criminal case, there must be fraud.»

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