RIPPLE PLANS TO BUY FTX ASSETS

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Funds stolen from FTX were Converted from Ethereum to Bitcoin; FTX owes $3.1 billion to its 50 largest creditors; Ripple plans to buy FTX’s assets.

Funds that were stolen from FTX move: they are converted from Ethereum to Bitcoin

According to blockchain analytics company Chainalysis, assets stolen from crypto exchange FTX have been converted from Ethereum (ETH) to Bitcoin (BTC). Chainalysis has warned that cryptocurrency exchanges should prevent the thief from trying to hide stolen assets in fiat currency.

Amid the collapse and bankruptcy of FTX, news emerged that a hacker had stolen 228,523 ETH from the exchange. This figure corresponds to US$ 268,057,479 as of the time of writing. With this, the hacker has become the largest ETH whale on the market.

Initial reports on the matter suggested that these funds may be in the custody of securities regulators in the Bahamas. Still, statements from Chainalysis revealed that the situation was different.

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FTX owes $3.1 billion to its 50 largest creditors

FTX, which filed for bankruptcy on November 11 following allegations that it used client funds to support its sister company, Alameda Research, owes its top 50 creditors nearly $3.1 billion, with $1.45 billion owed to the ten largest investors, the documents filed with the suggestion. The names of the creditors are not disclosed.

FTX was the third-largest cryptocurrency exchange in the world in terms of trading volume before bankruptcy. The company recently announced that it has started to examine its global assets strategically and is preparing to sell or restructure some parts of them.

FTX CEO Sam Bankman-Fried fell off the list of billionaires, losing a significant portion of his personal fortune in just a few days. Bahamas-based FTX, on the other hand, filed for bankruptcy in the US state of Delaware on November 11, together with 130 companies under its own roof. Bankman-Fried resigned shortly afterward. The collapse of FTX also marked the end of many crypto platforms, such as BlockFi and Genesis Global Trading.

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Ripple plans to buy FTX’s assets

According to the Times, San Francisco-based Ripple plans to buy the assets of cryptocurrency exchange FTX, which filed for bankruptcy on November 11, 2022, following the allegations that it used client funds to support its sister company, Alameda Research.

The Ripple CEO Brad Garlinghouse is particularly interested in the parts of FTX that serve commercial customers. The company executive also considers acquiring other companies from FTX’s portfolio. 

On the other hand, Brad Garlinghouse is among those from whom Sam Bankman-Fried, former CEO of FTX, sought funding during the stock market crash.

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