FTX, a troubled cryptocurrency trading platform, has reportedly recovered billions of dollars in assets, according to a new report. The platform, which is currently bankrupt, has managed to recover $7 billion and expects to retrieve more in the future. The report states that FTX owes its clients approximately $8.7 billion. Most of this deficit, around $6.4 billion, was in the form of misappropriated fiat currency and stablecoin. Despite the challenges caused by mismanagement and the commingling of customer deposits and corporate assets, FTX is making significant progress in identifying, securing, and recovering assets for its estate. The report also reveals that FTX used customer deposits to fund its expenses, including political donations, venture investments, acquisitions, and the purchase of luxury real estate in the Bahamas for senior FTX Group employees. The collapsed exchange’s founder and former CEO, Sam Bankman-Fried, along with other top FTX executives, donated over $100 million to politicians and political causes. They also acquired properties in the Bahamas worth over $243 million using commingled customer deposits.
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