Latest Crypto News: FTX Loses $415 Mn To Hackers; Raghuram Rajan Says Crypto Policy Shouldn’t Impede Innovation

On the sidelines of the World Economic Forum in Davos, Switzerland, on Tuesday, former Reserve Bank of India (RBI) governor Raghuram Rajan said that speculation in cryptocurrency received its “comeuppance”.

Rajan told CoinDesk it does not mean the technology powering cryptocurrencies should be punished, but policymakers should be careful of regulations that might impede innovation.

“I don't think you want to rule out this technology and say it has failed as a speculative asset. I think it had its comeuppance. But as a technology, I don't think we've seen its limits,” he said.

Hackers Stole $415 Million From FTX

In a filing to creditors on Tuesday, bankrupt cryptocurrency exchange FTX said that hackers stole around $415 million worth of cryptos following its bankruptcy filing last year.

The exchange that since its bankruptcy filing on November 11, 2022, hackers stole $323 million in cryptocurrency from its international exchanges and $90 million alone from the US exchange.

Overall, the exchange reportedly managed to recover over $5 billion in cryptocurrency, cash, and liquid securities since its collapse in multiple cyberattacks and frauds.

However, arrested FTX founder Sam Bankman-Fried contested the company's findings. In a blog post, Bankman-Fried said the company's attorneys at Sullivan & Cromwell gave an “extremely misleading” picture of its finances.

Bankman-Fried is accused of stealing billions of dollars from FTX customers to pay debts of his crypto-focused hedge fund, Alameda Research. He claimed FTX has more than enough cash to pay its US clients, which he estimated at between $181 million and $497 million.