Abstract：According to Wall Street Journey, FTX hires a forensic team to probe the money trail as there are millions of funds are still missing amid FTX’s bankruptcy.
FTXs new management has hired a team of forensic investigators from advisory firm AlixPartners to help track the billions of dollars that have gone missing from the failed cryptocurrency exchange, people familiar with the matter said.
AlixPartners, a financial advisory company, has been selected by FTX to do the job. AlixPartner will be led by Matt Jacques who is a former Securities and Exchange Commission(SEC) chief accountant. Their mission is to conduct asset tracing, identify and recover FTX's assets where possible, and work with other external teams that are investigating the same cases.
FTX, its affiliated crypto trading fund Alameda Research, and about 130 other companies entered voluntary bankruptcy proceedings in November. However, On Nov. 11 hackers drained wallets owned by FTX and FTX.US of over $450 million worth of assets. Former CEO Sam Bankman-Fried claimed in an interview recorded on Nov. 16 with crypto blogger Tiffany Fong that he was close to finding who the hacker was and that he had “narrowed it down to eight people” believing it was “either an ex-employee or somewhere someone installed malware on an ex-employees computer.”
On Nov. 22, a lawyer representing FTX debtors stated that “a substantial amount of assets have either been stolen or are missing” from FTX, and revealed at the time that blockchain analytics firms such as Chainalysis had been enlisted to help as part of the proceedings.
According to another report, As of early November, Alameda and another venture capital firm owned by SBF had nearly 500 illiquid investments in 10 companies with a cumulative value of more than $5.4 billion, according to a document obtained by the media.
According to SBF itself, all Alameda and FTX trades were for investment or hedging purposes. However, there are many procedural problems with how the funds flow from FTX to Alameda, and the low liquidity of these investments makes it difficult for FTX to recover the funds quickly, complicating the bankruptcy reorganization.
According to media analysis, Alameda's funds were largely secretly transferred from FTX's client funds, and FTX's senior managers were aware that FTX was using its client funds to help Alameda repay some of its debts.
SBF could only explain that it had not “knowingly” mixed FTX's client money with Alameda's, and denied any intent to defraud.
No matter what SBF claimed, the responsibility for the loss of investors cannot be switched.
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