A “substantial amount” of assets may have been stolen in crypto collapse

A “substantial amount” of assets are missing, that’s what FTX’s lawyers told a U.S. court on Tuesday

The failed crypto exchange says assets may have also been stolen, as a run on customer deposits lead to its fall.

Speaking in court, the counsel to management said the exchange was in the control of inexperienced and unsophisticated individuals.

It’s all part of a hearing in the U-S Bankruptcy Court in Delaware, in a case that is expected to be long and complex.

The Judge John Dorsey granted some motions filed by FTX to help manage its bankruptcy.

It follows the exchange filing for the largest crypto bankruptcy case ever.

The counsel alleges major failures against it’s former management, with Sam Bankman-Fried in the spotlight.