FTX Assets Missing, Stolen; This Fund Sees Bitcoin At $1 Million

FTX's bankruptcy team is struggling to track down all of the cryptocurrency exchange's assets after it collapsed and filed for Chapter 11 on Nov. 11. In a bankruptcy court hearing Tuesday, a FTX lawyer said a substantial amount of assets are either missing or stolen, the Wall Street Journal reported.
The company's new management is trying to chase down and retrieve at least some of the billions of dollars that passed through FTX and sister trading firm Alameda Research.
Inexperienced, Unsophisticated, Compromised
"What we have here is a worldwide, international organization, but which was run as a personal fiefdom of (company co-founder and former CEO) Sam Bankman-Fried," FTX counsel James Bromley said in a Delaware bankruptcy court on Tuesday. "FTX was in the control of inexperienced and unsophisticated individuals, and some or all of them were compromised."
Now, newly-appointed CEO John J. Ray III, who oversaw Enron's bankruptcy liquidation, is tasked with salvaging what funds he can for investors and customers. It could be his toughest test yet. "Never in my career have I seen such a complete failure of corporate controls and such a complete absences of trustworthy financial information," he previously said.
Beyond FTX: Battle Testing Bitcoin
But while Bankman-Fried appears to have flown too close to the sun, Cathie Wood still believes $Bitcoin (BTC.CC)$ is going to the moon.
Wood, founder and CEO of ARK Investment Management, maintains her Bitcoin price target of $1 million per coin by 2030, she told Bloomberg Businessweek Tuesday evening. Even as the world's largest crypto hit two-year lows on Monday.
Ark Invests
Wood's putting her money where her mouth is, snapping up battered shares of $Coinbase (COIN.US)$ stock and Grayscale Bitcoin Trust (GBTC).
The $ARK Next Generation Internet ETF (ARKW.US)$ and $ARK Innovation ETF (ARKK.US)$ funds, combined, purchased nearly 177,000 shares in GBTC worth $1.5 million on Monday. That's after ARKW bought more than 315,000 shares of GBTC worth about $2.8 million, last Monday, Bloomberg reported.
Since Nov. 9, the two funds have purchased about 1.3 million COIN shares, worth $56 million based on Tuesday's closing price, bringing its total holdings to 8.37 million shares.
"I think Coinbase is going to come out of this very strong, it just lost a very big competitor in FTX," Wood said in the Bloomberg interview.