FTX, one of the world’s largest cryptocurrency exchanges, has experienced a tumultuous few weeks.
In mid-April, the exchange collapsed due to a liquidity crunch, leaving customers unable to withdraw their funds. Since the collapse, FTX has been working to rebuild its transaction history and recover lost funds.
Now, according to an attorney familiar with the matter, FTX has recovered $5 billion in cash and liquid cryptocurrencies.
This brings FTX’s total liabilities to $8.8 billion. However, the total amount of customer shortfall is still unclear.
In addition, Sam Bankman-Fried, the founder of FTX, has pled not guilty to all criminal charges related to the exchange’s collapse.
The United States Attorney’s Office for the Southern District of New York has since formed an FTX Task Force to trace and recover any missing customer funds and handle investigations and prosecutions related to the exchange’s fallout.
FTX’s recovery of $5 billion in cash and liquid cryptocurrencies is a promising sign for the exchange, but it remains to be seen how much customers will be able to recover.
The United States Attorney’s Office for the Southern District of New York will continue to
