The wreckage of FTX is going to get only messier. KevinTDugan writes on Tuesday's bankruptcy-court hearing
, the former billionaire CEO of what is now ground zero for the largest crypto fraud in history. “A substantial amount of assets have either been stolen or are missing,” said James Bromley, the lawyer at Sullivan & Cromwell who’s representing FTX. On November 11, the day Bankman-Fried formally filed for Chapter 11, there was a breach that cost the firm roughly $600 million, and attempts tohave continued, lawyers said.
Tuesday’s hearing was an overview of what led to the collapse of FTX and the long road ahead to return money to the customers and lenders who were under the false impression that the exchange was safe and well run. FTX was “one of the most abrupt and difficult collapses in the history of corporate America and the history of corporate entities around the world,” Bromley
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