The company tasked with locking down the assets of the failed cryptocurrency exchange FTX said it has managed to recover and secure $740 million in assets so far, a fraction of the potential billions of dollars likely missing from the company's coffers.
The FTX Arena name is still visible where the Miami Heat basketball team plays Saturday, Nov. 12, 2022, in Miami. Lawyers for FTX disclosed Tuesday that a “substantial amount" of assets have been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back.
NEW YORK — The company tasked with locking down the assets of the failed cryptocurrency exchange FTX said they’ve managed to recover and secure $740 million in assets so far, a fraction of the potential billions of dollars likely missing from the company’s coffers. The numbers were disclosed on Wednesday in court filings by cryptocurrency custodial company BitGo, which FTX hired in the hours after the company filed for bankruptcy on November 11.
The biggest worry for many of FTX’s customers is they’ll never see their money again. FTX failed because its founder and former CEO Sam Bankman-Fried and his lieutenants used customer assets to make bets in Bankman-Fried’s trading firm, Alameda Research. Bankman-Fried was reportedly looking for upwards of $8 billion from new investors to repair the company’s balance sheet.
The $740 million figure is from Nov. 16, and since then additional assets have been steadily been recovered.The assets recovered by BitGo are now locked in what is known as “cold storage” in South Dakota, which means they’re cryptocurrencies stored on hard drives not connected to the Internet. BitGo provides what is known as “qualified custodian” services under South Dakotan state law.
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