Already Falls Hit By Stairs, FTX Crypto Company Funds Worth IDR 2.4 Trillion Lost

FTX takes legal action due to the withdrawal of illegal funds by its users. (Photo; Doc. Flipboard)

JAKARTA - The bankrupt crypto exchange, FTX, is reportedly taking legal action by filing charges against former Hong Kong-based Salameda employees. In this demand, FTX seeks to recover funds of $157.3 million or equivalent to Rp2.4 trillion which was allegedly stolen by a number of related individuals.

The filing of these demands reveals the fact that five individuals and two companies were involved in a series of suspicious withdrawals ahead of the FTX bankruptcy. They were identified as Matthew totaling, Michael totaling, Lesley jurisprudence (mother of Matthew and Michael), Kevin Nguyen, Darren Wong, and two other business entities.

According to reports, the former Salameda employee owns or controls various accounts on FTX.com and FTX US used to withdraw assets illegally just days before FTX announced its bankruptcy on November 11, 2022.

The defendants' actions allegedly involve abuse of their connection within FTX to ensure their priority of withdrawing funds above other customers. The filing also notes that Matthew totals allegedly influenced several FTX employees to process requests for withdrawals of certain funds that were previously delayed.

Of the total $157.3 million (IDR 2.4 trillion) stolen, around $123 million (IDR 1.8 trillion) was withdrawn on or after November 7, resulting in FTX unable to stop the withdrawal until November 8.

This indicates that the defendants have planned their actions with the intention of obstructing, delaying, or defrauding FTX creditors, both now and in the future.

Currently, the founder of FTX, Sam Bankman-Fried (SBF), is still languishing behind bars, and his criminal trial is scheduled to begin on October 3. SBF's legal team attempted to release him from prison before the trial was held, unfortunately the prosecutor did not fulfill it immediately because he considered a number of risks that might arise if SBF was released.