The market of digital assets is going through a tough time at present. Economic slowdown, bearish phase, and collapse of Cryptocurrencies and exchanges are all adding to the turmoil. The major shock came from the FTX’s downfall. It led to general distrust among the investor community. know more about oilprofits.de by clicking here.
Now, as per the latest news, FTX has hired the forensic investigation team to find out the missing digital assets. These assets belonged to their customers and went missing during the collapse. And now the firm is on a mission to find out all those lost assets, worth billions in USD. Let’s dive into the blog to find out more about this investigation by FTX!
More On This Investigation
The team of FTX is hiring an investigation team to discover the truth of the missing assets. AlixPartners is going to help the firm to find the lost assets. The major reason behind the collapse of the FTX was that a major amount of funds went missing from their account.
The firm put all the transactions on halt and users were unable to withdraw their investments. The firm was unable to answer about all these factors happening around their firm.
Months later, they are hiring a financial investigating team to find out the truth behind the missing assets. The news of the reports is published in the magazine, Wall Street Journal.
As per their reports, the fresh management team of the firm is appointing an investigating team from AlixPartners. By partnering with this advisory firm, FTX will investigate their lost Cryptocurrencies.
The team will carry out asset tracing and trace down the information on missing assets. Along with that, the firm will also work together with FTX to restructure the entire functioning. This financial investigation is sure to be a success as it is partnering with AlixPartners. The management of AlixPartners is looked after by SEC’s former Chief Accountant, Matt Jacques.
Where Are The Missing Assets?
On 11th November last year, the firm had to face a cyber attack. In this attack, the firm lost around digital assets worth 450 million USD! The hackers attacked the exchange and stole this amount of Cryptocurrency from the wallets.
The Crypto wallets were under the FTX.US and FTX firms. After this hack, the former CEO of FTX, Bankman-Fried, said that he was very close to identifying the hacker. This hacker can be either a former employee of FTX. Also, the situation can be that the hacker installed malware on a former employee’s computer system.
In a later period, one of FTX’s attorneys stated that the major amount of these virtual assets are stolen by someone. Or, the situation can be such that it went missing from the account of the firm.
What Does The Former CEO And Other Associates Say About This Hack?
On the announcement of the investigation, the statements of the former CEO and other associates are coming out in the news now.
Bankman-Fried said on this aspect that he is unaware of where the funds are transferred. Also, he is unable to explain the missing funds from their partner company, Alameda Research. He is unable to explain where all these funds went missing.
The latest CEO of this firm John Ray says that the condition of FTX is still unreliable. It will take time to stabilize the situation of the firm. He also says that all the prior co-workers and former CEO of this platform compromised on the conditions. And that they did not do much to improve the situation of the market.
Besides that, Ray informs that the firm uses software for hiding the misappropriation of their customer funds. As a whole, this entire situation is due to the irresponsible behavior of different associates.
Conclusion
The investigation is sure to bring out some light on the matter of the missing funds. This step is taken by the new management team of the company to spread some light on the matter. And, the information about the missing assets will be before the world soon. If you are new to Crypto trading and investments, then you must check the Bitcoin trading platform, Bitcoin smart. It is the best and most trusted platform used by investors around the globe.
