Paxos, a blockchain and trust company, was able to get back $20 million worth of gold tokens that were stolen from FTX, a company that experienced a hack in November.
These gold tokens, called Paxos Gold (PAXG), are backed by real gold that is kept safe by Paxos. Paxos was able to freeze the tokens, which were worth $20 million, from four wallets that were controlled by the hacker.
After about six weeks, Paxos was able to fully reclaim these assets. However, this recovery only represents a small part of the hack, which resulted in the theft of approximately $400 million worth of assets.
The person in charge of FTX, John Ray III, revealed that the company had poor security controls and stored the private keys for its wallets in an unencrypted way, which could have made it easier for the hack to happen.
