The missing crypto could be connected to a hack of FTX’s systems that was uncovered shortly after the company collapsed in November

Bankrupt crypto company FTX said on Tuesday that crypto worth $415 million was hacked from its accounts, representing a sizable portion of the assets it is trying to recover.

In a presentation titled ‘Maximizing FTX Recoveries,’ lawyers and advisors for FTX debtors updated the total liquid assets to be identified for recovery, to about $5.5 billion.

However, it includes ‘unauthorized third-party transfers’ of $323 million out of FTX.com and $90 million out of FTX US, the company said in a statement. It said that another $2 million of Alameda Research’s crypto also was stolen. The missing crypto could be connected to a hack of FTX’s systems that was detected after the firm collapsed in November.

The stolen crypto was valued at $477 million at that time, according to blockchain analytics firm Elliptic.

FTX filed for bankruptcy after a series of withdrawals hampered the exchange and its sister hedge fund Alameda. In December, founder and ex-CEO Sam Bankman-Fried was indicted on charges of fraud and money laundering. Bankman-Fried is released on a $250 million bond ahead of his trial, set to be held in October.

A share repurchase payment worth $2.1 billion from FTX to Binance in Q3 2021 is also under the review of FTX advisors. Binance was the first outside investor in FTX, but Bankman-Fried bought out Binance’s stake in FTX in 2021.

Binance CEO Changpeng ‘CZ’ Zhao was asked about the potential $2.1 billion clawback as part of FTX’s bankruptcy proceedings during an appearance on CNBC in December.

He said: I think we’ll leave that to the lawyers, Zhao said, when asked if he was prepared to send the money back. I think our legal team is perfectly capable of handling it.