Crypto assets worth $740 million recovered in FTX bankruptcy

The company tasked with recovering assets of the failed cryptocurrency exchange FTX says it has managed to recover more than $740 million so far.

Cryptocurrency custodian company BitGo disclosed the amount in court filings.

The figure was revealed hours after FTX declared itself bankrupt, and the biggest worry for many of the platform's customers is whether they will ever see the funds they invested again. 

Experts say customers will likely have to sit through years before getting their money back, while others may never recover the funds.

The crypto world has been rocked by FTX's collapse as it watches one of the largest exchanges crumple in just a week.

The company went bust after its founder and former chief executive, Sam Bankman- Fried, and his lieutenents used customer assets to make bets in Bankman-Freed's own trading firm, Alameda Research. 

The $740 million sum is from November 16, and since then further assets have been gradually recovered.

 

More from Business News

On Virgin Radio today

  • Non Stop Hits

    3:00am - 7:00pm

    The UAE's #1 Hit Music Station with no interruptions

  • The Fix With Dany Neville

    7:00pm - 11:00pm

    Officially the UAE's favourite DJ, Dany Neville makes sure you have the soundtrack you need every Saturday night.

Hit Music