FTX lawyer: ‘Substantial amount’ of assets has been stolen

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The lawyers for FTX disclosed Tuesday that a “substantial amount” of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. The admission came during FTX’s first court appearance since the company filed for bankruptcy protection on November 11. Such hearings typically happen days after a filing, but this one was delayed because FTX’s collapse came suddenly and management kept few if any records. Judge John Dorsey did temporarily grant FTX one order that had generated some controversy: redacting the names and addresses of FTX’s client list.