FTX Rises from the Crypto Ashes with $7.3B Recovery

After Collapsing Last November, FTX Stabilizes and Looks to the Future Under New CEO John Ray

- Advertisement -

FTX, the major cryptocurrency exchange that collapsed with a bang last November, has recovered $7.3 billion in cash and crypto assets, according to a statement by its lawyer in U.S. bankruptcy court. That amount has increased by more than $800 million since January.

The lawyer, Andy Dietderich, said at a hearing in a Delaware court that FTX is beginning to think about its future after months of fundraising efforts and analyzing mistakes made under the leadership of its indicted former founder, Sam Bankman-Fried. “The situation has stabilized and the chaos has stopped,” he noted.

The exchange filed for bankruptcy last November after traders withdrew $6 billion from its platform in three days.

FTX’s new CEO, John Ray, detailed the company’s improper fund transfers and poor accounting, citing a complete failure of internal controls.


- Advertisement -
- Advertisement -
- Advertisement -


- Advertisement -

Must Read

Read Next
Recommended to you