A “substantial amount” of failed crypto exchange FTX’s assets are either missing or stolen, its lawyer said in court, as a run on customer deposits and a liquidity crunch precipitated a crisis of leadership and led the highflying firm to a rapid collapse.
Lawyers for the new managers of FTX vowed at a bankruptcy-court hearing to cast a wide net to identify and secure potentially billions of dollars in funds that passed through FTX, which they called the “personal fiefdom” of its co-founder, Sam Bankman-Fried.
