• FTX identified a $415 million crypto hack as part of the $5.5 billion worth of digital assets for recovery.
• FTX has recovered $1.7 billion in cash and $3.5 billion in liquid crypto in addition to $300 million in liquid securities.
• FTX is also trying to claw back the $2.1 billion Binance repurchase payment in addition to the $415 million ‚hack‘ sum.
FTX, once the second-largest crypto exchange in the world, has uncovered a $415 million hack that occurred in November. This revelation is part of the $5.5 billion worth of digital assets recovered to pay off creditors.
FTX’s new CEO, John Ray III, said it took extensive investigative efforts from the team to achieve this revelation. On Tuesday, FTX also provided further details revealing that it had recovered $1.7 billion in cash and $3.5 billion in liquid crypto. Additionally, the exchange also recovered $300 million in liquid securities. Ray commented on the efforts taken by the team saying, “We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information.”
In addition to the $415 million hack that FTX tries to recover, the bankrupt company is also looking to claw back the $2.1 billion Binance repurchase payment. This sum was paid by Binance in January, prior to FTX’s bankruptcy filing. FTX is now trying to reclaim this money as part of the $5.5 billion digital assets recovered.
This news follows a string of unfortunate events for FTX. In February, the exchange filed for bankruptcy, revealing a staggering $7.2 billion debt. FTX’s creditors are now facing a long battle to recoup their losses, as the exchange has yet to provide a clear plan on how it will repay its debts.
While FTX is still in the midst of a difficult situation, the $415 million hack discovery is a step in the right direction. What’s more, the exchange’s recovery efforts are likely to continue, as more assets are likely to be uncovered in the future.