US investigates FTX hack and the stolen $370 million

Federal prosecutors are looking into the alleged cyber attacked that drained over $370 million from crypto exchange FTX, hours following its bankruptcy filing, according to Bloomberg report.

The criminal probe into the stolen assets is launched by the Department of Justice and is separate from the fraud case against founder and former CEO of the collapsed crypto exchange, Sam Bankman-Fried.

An anonymous source for Bloomberg has stated that the US authorities have frozen some of the stolen assets but unfortunately, it is only a small fraction.


FTX filed for bankruptcy in November following the quick collapse of the exchange after a liquidity crisis and a failed bailout by Binance. Bankman-Fried stepped down as a CEO after the string of events.

The founder of the exchange was accused of “fraud of epic proportions” and is facing criminal charges for defrauding investors.

Additionally, on Tuesday FTX customers filed a class action suit against the exchange and Bankman-Fried, seeking a declaration that the company’s holdings of digital assets belong to customers.

According to the complaint, FTX promised to separate its customer assets from those of the company but has instead misappropriated them.

The complaint said:

Customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda.

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