$740M in assets recovered as FTX bankruptcy proceedings continue
As regulators and investors try to pick up the pieces from crypto exchange FTX’s stunning collapse, at least $740 million in assets have been recovered, according to new court filings.
Wednesday court papers credited the find to BitGo, which FTX hired to track down billions of dollars missing from its accounts since it abruptly went under earlier this month.
BitGo, which specializes in security services for crypto businesses, said in the documents filed in Delaware that the figure has likely risen to $1 billion since the $740 million were found around Nov. 16.
Still, a vast fortune remains unaccounted for. FTX’s former CEO Sam Bankman-Fried said Tuesday that the company had a $51 billion collapse in collateral, according to the New York Times.
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That came after a surge of investors demanded their funds and FTX couldn’t pay them. They’re now left to wonder if they’ll ever see their money back.
The recently recovered assets included popular cryptocurrencies bitcoin and ethereum, along with lesser known ones like the shiba inu coin.
Founded in 2019, FTX went mainstream through ads like its 2022 Super Bowl commercial starring comedian Larry David. He is now among a list of celebrities accused of defrauding investors, CBS News reported.