Former FTX executive once found millions of dollars of airdrops that the exchange didn't know about

Quick Take

  • Former FTX Head of Institutional Sales Zane Tackett says that the exchange had very poor accounting.
  • As a result, he once stumbled across several airdrops worth millions of dollars.

Zane Tackett, former head of institutional sales at FTX, once found millions of dollars worth of airdrops that the exchange had no idea about. 

On The Scoop podcast, Tackett expressed his lack of surprise that so much has been recovered during FTX’s bankruptcy proceedings so far. He said the exchange was a sloppy place with bad accounting. “I remember one time I found millions of dollars worth of airdrops that they had gotten that they didn't know about,” he said. 

“I don't think it's that impressive that they did it,” he added. “I think if you two handed this to any crypto firm, like if Binance bought them, they would have found all those assets in like two days and already had it back to the users.”


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Hacked funds

Tackett added that he was surprised the liquidators hadn’t got more of the hacked funds back or worked out who did it. He said that if he had to guess who hacked the exchange, he would say a higher up former FTX or Alameda employee. 

“And when I talked to Sam about it after — or like when everything was blowing up — he seemed so nonchalant, like, ‘Oh yeah, it was the battle between FTX.US and to get assets like it's not lost’. So, I mean, I think he has some information on what happened to it, but I don’t know,” he said.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.


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