Paxos recovers $20 million worth of gold tokens that were stolen from FTX

Paxos, a blockchain and trust company, has recovered $20 million worth of gold tokens that were stolen from FTX, an exchange, in November.

11,184 Paxos Gold (PAXG) worth $20 million, which are backed by real gold in Paxos’ custody, were frozen from four hacker-controlled wallets and have now been successfully reclaimed.

Furthermore, this recovery represents only a small portion of the hack, which saw approximately $400 million worth of assets stolen.

The FTX chief, John Ray III, revealed that the exchange had poor security controls and stored private keys to its wallets in an unencrypted manner, which could have contributed to the hack.