$740 million in crypto assets recovered in FTX bankruptcy

$740 million in crypto assets recovered in FTX bankruptcy

Nov 23, 2022 by Moneywatch - CBSNews.com

Key Facts

  • MoneyWatch November 23, 2022 / 6:02 PM / CBS/AP The company tasked with locking down assets of the failed cryptocurrency exchange FTX Trading said it has recovered $740 million in assets so far, a fraction of the potential billions of dollars likely missing from FTX's coffers.
  • FTX crypto exchange bankruptcy sends shockwaves across market 06:23 Problems facing FTX came to light earlier this month when Bankman-Fried told a group of investors the company needed about $8 billion to back up its users' crypto assets.
  • The assets recovered by BitGo are now locked in what is known as "cold storage" in South Dakota, which means the cryptocurrency is stored on hard drives not connected to the Internet.
  • The assets recovered include not only Bitcoin and Ethereum, but also a collection of minor cryptocurrencies that vary in popularity, such as the Shiba Inu coin.

Click To Read Full Article


This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2021 Kwhen Inc.

Was this content valuable for you?