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FTX reports recovery of over $5 billion in cash and liquid cryptocurrency

FTX recovers over $5 billion in liquid funds

FTX, a troubled crypto exchange, has reportedly “recovered $5 billion in cash and liquid cryptocurrencies.”

However, the exchange is still trying to rebuild transaction history, and the total amount of customer shortfall is still unknown.

Initially, FTX had $8.8 billion in total liabilities, with sources claiming it had very little in cash and liquid digital assets, creating an estimated $8 billion gap in its balance sheet.

Sam Bankman-Fried, the founder of FTX, has pled not guilty to all criminal charges related to the exchange’s collapse.

In response, the United States Attorney’s Office for the Southern District of New York has created an FTX Task Force to “trace and recover” missing customer funds and handle investigations and prosecutions connected to the exchange’s collapse.

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Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.