FTX Uncovers $415M Crypto Hack, Recovers $4.9B in Assets

• FTX identified a $415 million crypto hack as part of the $5.5 billion worth of digital assets for recovery.
• The exchange also recovered $1.7 billion in cash and $3.5 billion in liquid crypto, as well as $300 million in liquid securities.
• FTX is looking to claw back $2.1 billion Binance repurchase payment in addition to the $415 million ‘hack’ sum.

FTX, one of the world’s second-largest crypto exchanges, has identified a $415 million crypto hack as part of the $5.5 billion worth of digital assets for recovery. In a statement, the exchange’s new CEO, John Ray III, said it took extensive investigative efforts from the team to achieve this revelation.

On Tuesday, FTX provided further details revealing 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. In a statement on Tuesday, 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.”

Besides the $415 million hack that FTX is attempting to recover, the bankrupt company is also looking to claw back $2.1 billion Binance repurchase payment. This amount is part of the $5.5 billion worth of digital assets for recovery, of which FTX has already recovered about $4.9 billion.

FTX’s CEO also noted that the exchange is “working hard to maximize recoveries from other sources” and that “we are continuously evaluating the status of our recoveries and will provide updates as they become available.” He further added that the exchange is “pleased with the progress we have made to date and will continue to provide stakeholders with updates as they become available.”

The news of the hack comes days after FTX announced that it has filed for bankruptcy. The exchange, which is owned by Binance, one of the world’s largest cryptocurrency exchanges, had earlier announced that it was insolvent and unable to meet its obligations to its customers.

FTX’s bankruptcy filing is part of a larger effort to liquidate its remaining assets and repay its creditors. The exchange is currently in discussions with several parties that are interested in acquiring the company’s assets and liabilities. FTX’s CEO said that the exchange is “working hard to maximize recoveries from other sources” and that “we are continuously evaluating the status of our recoveries and will provide updates as they become available.”

As FTX continues to investigate the hack and attempt to recover its $415 million, the exchange is also looking to claw back $2.1 billion Binance repurchase payment. This amount is part of the $5.5 billion worth of digital assets for recovery, of which FTX has already recovered about $4.9 billion.

FTX’s bankruptcy filing is part of a larger effort to liquidate its remaining assets and repay its creditors. The exchange is currently in discussions with several parties that are interested in acquiring the company’s assets and liabilities. The exchange’s new CEO, John Ray III, said it took extensive investigative efforts from the team to achieve this revelation.

The embattled crypto exchange is hoping to maximize its recoveries and make good on its obligations to its customers. As FTX continues to investigate the hack and attempt to recover its $415 million, the exchange is also looking to claw back $2.1 billion Binance repurchase payment. The exchange is currently in discussions with several parties that are interested in acquiring the company’s assets and liabilities.

FTX’s CEO is confident that the exchange will be able to make good on its obligations to its customers. He said, “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.”