A lawyer for collapsed cryptocurrency exchange FTX says the company intends to sell off its healthy business units but has “substantial” assets missing.
FTX run as personal fiefdom: lawyer
FTX was run as a “personal fiefdom” of former CEO Sam Bankman-Fried, lawyers for the collapsed crypto exchange have said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets.
In the highest-profile crypto blow-up to date, FTX filed for protection in the United States after traders pulled $US6 billion ($A9 billion) from the platform in three days and rival exchange Binance abandoned a rescue deal.
The collapse has left an estimated one million creditors facing losses totalling billions of dollars.
A lawyer for FTX said at a bankruptcy hearing on Tuesday that the company now intends to sell off healthy business units but has been the subject of cyberattacks and had “substantial” assets missing.