FTX Uncovers $415M Hack in $5.5B Crypto Asset Recovery

• FTX identified a $415 million crypto hack as part of the $5.5 billion worth of digital assets for recovery.
• The exchange’s new CEO, John Ray III, announced that $1.7 billion in cash and $3.5 billion in liquid crypto were recovered.
• FTX is also attempting to recover a $2.1 billion Binance repurchase payment, in addition to the $415 million ‚hack‘ sum.

FTX, a once-prominent crypto exchange, recently announced the uncovering of a $415 million hack as part of assets recovered to pay off creditors. In a statement, the exchange’s new CEO, John Ray III, said it took extensive investigative efforts from the team to achieve this revelation.

The announcement comes on the heels of the exchange’s filing for bankruptcy in November. At the time, FTX had a reported $5.5 billion worth of digital assets in its possession, many of which were lost in the hack. In a statement, Ray noted: “We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information.”

In addition to the $415 million hack, FTX is also attempting to recover a $2.1 billion Binance repurchase payment. According to the exchange, the payment was intended to be used to purchase more digital assets in order to increase the size of its trading platform.

In addition to the two recoveries, FTX also revealed that it had recovered $1.7 billion in cash and $3.5 billion in liquid crypto. In addition, the former second-largest crypto exchange in the world also recovered $300 million in liquid securities.

With the discovery of these assets, FTX is now closer to being able to satisfy its creditors and begin rebuilding its platform. The exchange is currently in the process of negotiating with creditors in order to reach a settlement. In the meantime, FTX has implemented a number of measures to ensure its customers’ funds are safe and secure.

At this point, it is unclear how much FTX will be able to recover and how long it will take to reach a settlement with its creditors. However, with the uncovering of these assets, the exchange is one step closer to being able to make a full recovery.