• FTX has recovered over $5 billion in assets since filing for bankruptcy last year.
• Bankruptcy attorney announced the news during a hearing Wednesday.
• This total does not include another $425 million in crypto held by the Securities Commission of the Bahamas.
The cryptocurrency exchange FTX has made a major recovery since filing for bankruptcy last year. During a hearing Wednesday, a bankruptcy attorney announced that FTX has managed to recover more than $5 billion in assets. This news substantially raises the total FTX claims it holds, although it is still short of what customers are owed in total.
The recovered assets include a variety of different types of assets, such as cryptocurrency and fiat currency. However, the total does not include another $425 million in crypto held by the Securities Commission of the Bahamas. According to the attorney, FTX has been working closely with the commission to recover these assets.
It’s unclear how FTX plans to use the recovered funds. However, some speculate that the funds will be used to pay back customers who were affected by the bankruptcy. FTX has yet to make any formal statement about how the funds will be used.
The news of FTX’s recovery comes as a surprise to many in the crypto community, who had feared that FTX’s bankruptcy would leave many customers out of pocket. It remains to be seen if the recovered funds will be enough to adequately compensate customers who have been affected.
In the meantime, FTX is continuing to work to recover more assets and to make sure that customers are properly compensated. For many customers, the news of FTX’s recovery is a welcome sign that there may be a light at the end of the tunnel.