At Least $1 Billion in Investor Assets Are ‘Missing’ After FTX Collapse

Following the collapse of the cryptocurrency exchange FTX, at least $1 billion in investor assets seems to be missing according to multiple reports.

Reuters reports that according to two anonymous sources who formerly worked at FTX and claim to have been privy to the company’s finances, FTX is missing at least $1 billion in client funds. The sources claimed that the funds were part of $10 billion in client funds that FTX founder Sam Bankman-Fried purportedly siphoned off to Alameda Research, the hedge fund he owns.

The Wall Street Journal later reported that it appeared as if hackers had actually stolen $370 million. Bankman-Fried told Reuters that he “disagreed with the characterization” of the transfer, adding: “We had confusing internal labeling and misread it.” Reuters questioned Bankman-Fried about the missing customer funds via text message, to which he replied “???”