FTX Assets Recovery Update

On November 11, FTX filed for bankruptcy, since then, billions have been reported lost. Today it was announced that $740 million has been recovered.

The assets recovered have been reported in court filings and BitGo is the custodial company in charge at the moment.

FTX used a lot of their money betting on their trading firm Alameda Research. To repair damages, CEO Bankman-Fried wanted to raise $8 Billion from new investors.

Users at FTX now fear for their assets that were stored on the exchange. The assets recovered are not only Bitcoin and Ethereum but a variety of smaller Cryptos as well.