‘Substantial amount’ stolen

The lawyers for FTX disclosed that a “substantial amount” of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back.

The admission came during FTX’s first court appearance Tuesday since the company filed for bankruptcy protection on Nov. 11. Such hearings typically happen days after a filing, but this one was delayed because FTX’s collapse came suddenly and management kept few if any records.