Stolen FTX funds move into Bitcoin

Stolen FTX funds move into Bitcoin

The FTX cryptocurrency exchange debacle continues to rock the crypto space.

Players are trying to find out where the contagion will reach next because FTX and its founder, Sam Bankman-Fried, were key players in the industry. The company filed for bankruptcy on November 11 after running out of cash to meet the demands of customers and investors.

In recent court documents, FTX said 50 of its top creditors are demanding more than $3 billion from it. The exchange owes about $1.45 billion to its top 10 creditors, according to a Nov. 19 filing with the US Bankruptcy Court for the District of Delaware.

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