This fact is just part of the negative news about the exchange over the past few days. In particular, it was revealed the day before that FTX may have more creditors tied up with it than many had anticipated. That is, the founder of the aforementioned trading platform, Sam Bankman-Fried, owes billions of dollars to a huge number of people.

Does his company have that money? Probably not. According to the Financial Times, on the day before the FTX bankruptcy filing, the exchange had $900 million in liquid assets at its disposal. Meaning assets that can be sold relatively easily and quickly and receive money for it.

Sam Bankman-Fried, founder of FTX

At the same time, the equivalent of FTX’s liabilities was $9 billion. Because of this, The Block’s spokesman Frank Chaparro suggests that creditors are unlikely to get more than 10-20 per cent of the money they invested in or lent to the company. In fact, this explains the collapse of some platforms.

It was revealed the day before that BlockFi was a victim of the FTX collapse, causing its management to suspend withdrawals for users last week. Sources are now reporting that the company is exploring the option of filing bankruptcy. Also yesterday, withdrawals were suspended by another strip platform – this time it was SALT. Company representatives also confirmed that FTX’s problems have affected their business.

Statement from BlockFi representatives on the suspension of the platform

What’s going on with the FTX cryptocurrency exchange

Anonymous hackers of FTX hot wallets have transferred funds through several decentralised exchanges to confuse the transaction trail. This was reported on Twitter by analytics platform Arkham Intelligence. Here’s the relevant replica.

A total of nearly $20 million in PAXG was frozen at four of the attackers’ addresses. They also attempted to obfuscate the transfer trail on the BSC network by “exchanging” tokens with a separate recipient address.

Some of the hackers’ transactions

Let’s reconstruct the chronology of events. According to Decrypt sources, around $650 million was transferred from the FTX hot wallet to two addresses on the Solana and Ethereum networks on November 12, 2022. These funds have since been transferred from the hackers’ wallets to other blockchains, including Binance Smart Chain, Polygon and Avalanche. However, on 14 November, law enforcement authorities managed to freeze almost $20 million in PAX Gold (PAXG) tokens linked to the hacking attack.

Hackers’ cryptocurrency wallet statistics

According to blockchain columnist Solscan, the hackers’ wallet on Solana holds almost 144,999 SOL and 27.549 million USDT. In total, hackers hold around $338 million worth of altcoins – they even ranked 35th among token holders on the Etherium network.

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However, the hacking attack is only half the battle. On Monday, a document was filed in federal court in Delaware, where FTX US is based, stating that the Bankman-Frieda crypto-exchange may have “over a million creditors in bankruptcy”. As a reminder, it was originally thought that the number of FTX creditors was in the region of a hundred thousand, but by no means a million.

The document also refers to Bankman-Fried’s resignation as CEO on 11 November and confirms that the company is now working under the leadership of John Jay Ray III on the restructuring. The new FTX management has applied to consolidate its claims into a single list of fifty individuals and entities, due to duplication and a large number of creditors.

The large number of creditors of the bankrupt exchange is a crisis for the entire industry. Now these individuals and organisations will not receive their money and may themselves be trapped in bankruptcy. The damage to the FTX brand is nothing to speak of as it has been completely destroyed.

Former FTX CEO Sam Bankman-Fried

The day before, all FTX-related advertising campaigns were also suspended by the Golden State Warriors basketball club. The club thus broke the $10 million sponsorship deal it had signed with the exchange in December 2021. Mind you, this is just part of a long list of sports clubs and organisations that are now actively trying to sever all ties with FTX. It looks like the Bankman-Friede ship has finally gone down.


In our opinion, it is only a matter of time before the hacker is caught. Earlier, however, experts assumed that in this case it was an "inexperienced insider", i.e. a representative of FTX. In addition, Kraken platform employee Nick Percoco said that the identity of the hacker has been identified. Accordingly, further involvement of law enforcement agencies and various procedures will be carried out. It is unlikely that the author of the hack will be able to escape.

Well, we need to move on. Subscribe to our millionaire cryptochat and stay tuned for more news!