FTX wasa> run as a “personal fiefdom” of former CEO Sam Bankman-Fried, lawyers for the collapsed crypto exchange have said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets.
In the highest-profile crypto blowup to date, FTX filed for protection in the United States after traders pulled $6bn from the platform in three days and rival exchange Binance abandoned a rescue deal. The collapse has left an estimated 1 million creditors facing losses totalling billions of dollars.
A lawyer for FTX said at a bankruptcy hearing on Tuesday that the company now intends to sell off healthy business units, but has been the subject of cyberattacks and had “substantial” assets missing. FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses.
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