In a report to creditors on Tuesday, bankrupt crypto exchange FTX stated that approximately $415 million in cryptocurrency had been stolen as a result of hacks.

Since the company’s bankruptcy filing on November 11, $323 million in cryptocurrency has been stolen from its international exchange, and $90 million has been stolen from its US exchange, according to CEO John Ray in a separate statement on Tuesday.

Sam Bankman-Fried, the founder of FTX, has been accused of stealing billions of dollars from FTX customers to pay debts owed by his crypto-focused hedge fund, Alameda Research. Bankman-Fried has pleaded not guilty to the charges of fraud.

FTX told a Delaware bankruptcy judge last week that it had recovered more than $5 billion in cryptocurrency, cash, and liquid securities nine weeks after declaring bankruptcy.

On Tuesday, the company revealed that it had recovered $1.7 billion in cash, $3.5 billion in liquid cryptocurrency, and $300 million in liquid securities.

FTX did not provide a total liability estimate, but stated that it had identified significant shortfalls at both its international and US crypto exchanges.

“We are making progress in our efforts to maximise recoveries,” Ray said in a statement.

Based on crypto prices on November 11, 2022, the recovered crypto assets include $685 million in Solana, $529 million in FTX’s proprietary FTT token, and $268 million in bitcoin. Solana, which Bankman-Fried praised, lost the majority of its value by 2022.

FTX discovered a November asset seizure by the Securities Commission of the Bahamas during its initial investigation into system hacks, resulting in a dispute between FTX’s US-based bankruptcy team and Bahamian regulators.

The two parties reached an agreement in January, and Ray announced on Tuesday that the Bahamian government was holding $426 million for creditors.

During a Tuesday event at the Atlantic Council in Washington, Bahamas Prime Minister Philip Davis mentioned the dispute, saying Ray’s team had “come around” and accepted that the Bahamian asset seizure “was appropriate and perhaps has saved the day for many of the investors in FTX.”

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