FTX was run as 'personal fiefdom,' faces hacks, missing assets
NEW YORK/LONDON: FTX was run as a "personal fiefdom" of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets. In the highest-profile crypto blowup to date, FTX filed for protection in the United States after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. The collapse has left an estimated 1 million creditors facing losses totaling billions of dollars. An attorney for FTX said at a bankruptcy hearing on Tuesday the company now intends to sell off healthy Business units, but has been the subject of cyberattacks and had "substantial" assets missing . FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses. FTX said on Tuesday it was receiving interest from potential b...