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.
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