FTX Team Reports Recovery of Whopping $7 Billion
The exchange has an $8.7 billion debt to its consumers as per the investigation report.
Misuse of stablecoins and fiat cash accounts for $6.4 billion, according to the research.
A fresh investigation report by the defunct exchange claims that the new FTX management team has recovered $7 billion. Furthermore, the new administration claims to have made “substantial progress” in recouping lost assets.
However, a recently released investigation report indicates the exchange has an $8.7 billion debt to its consumers. At the time of the bankruptcy filings last year, the total sum owing was that high. Misuse of stablecoins and fiat cash accounts for $6.4 billion, according to the research.
Substantial Progress So Far
The demise of FTX is without a doubt the most contentious event in the brief history of cryptocurrencies. The cryptocurrency exchange, which was once thought to be indispensable, has been shown to be a massive scam. Ultimately, at the last year’s end, they filed for Chapter 11 bankruptcy.
There have been fascinating development throughout the bankruptcy procedures. According to a newly published investigation report, FTX’s new management has recouped $7 billion. But the new exchange management team has called the reclaimed assets as “substantial progress” thus far.
Nonetheless, the latest analysis offers some astonishing discoveries. The first shocking piece of news is that over $8.7 billion is still owed to clients. John Ray III, the new chief executive officer of FTX, also acknowledged the bitter reality of the exchange.
Ray stated:
“The release of this report furthers our stated objective of transparency. The image that the FTX group sought to portray as the customer-focused leader of the digital age was a mirage.”
The former CEO of FTX is facing several charges by U.S. authorities. Moreover, recently FTX sued K5 Global over the retrieval of a $700M payment made by the former CEO of SBF.
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Filed under: Bitcoin - @ June 27, 2023 12:14 pm