• FTX identified a $415 million hack from November as part of assets recovered to pay off creditors.
• FTX has recovered $1.7 billion in cash, $3.5 billion in liquid crypto, and $300 million in liquid securities.
• FTX is also attempting to recover a $2.1 billion Binance repurchase payment in addition to the $415 million hack sum.
Crypto exchange FTX has been dealing with a great deal of turmoil in recent months, and it is now facing a major challenge in the form of a $415 million hack. The hack occurred in November, and FTX has been attempting to recover the assets lost in the attack in order to pay off creditors.
To achieve this, FTX has been engaging in an extensive investigative effort, and the exchange has now revealed that it has recovered $1.7 billion in cash, $3.5 billion in liquid crypto, and $300 million in liquid securities. In addition, the former second-largest crypto exchange in the world is also attempting to claw back a $2.1 billion Binance repurchase payment.
John Ray III, the new CEO of FTX, commented on the news, 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.“ He went on to say that the team is now making „important progress“ in their efforts to recover the $415 million that was lost in the hack.
FTX has now launched a site – https://ftxrecovery.com/ – which provides updates on the recovery efforts and offers guidance on how customers can reclaim their lost funds. The company has also set up a customer service hotline for customers to call if they have any questions or concerns.
It is unclear how long it will take for FTX to recover the $415 million that was lost in the hack, but the exchange is hopeful that it will be able to successfully recover the funds. In the meantime, the company is working hard to ensure that customers are able to reclaim their lost funds.