Further details on the bankruptcy of crypto exchange FTX emerged on Saturday, even as peers and partners distanced themselves from the firm and sources told Reuters at least a billion dollars of customer funds on the exchange had vanished.
The saga that has shaken the crypto world began with a rumour on Nov. 2 and culminated on Friday with FTX filing for U.S. bankruptcy court protection from creditors and founder Sam Bankman-Fried resigning as chief executive in the industry's highest-profile collapse.
Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Alameda, they said. A large portion of that has since disappeared, they said, with one source put the missing amount at about $1.7 billion and another estimating the gap was between $1 billion and $2 billion. "Things will continue to simmer after the FTX crash," said Alan Wong, operations manager of Hong Kong Digital Asset Exchange.
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