Cryptocurrency conglomerate FTX has announced that it has recovered $7 billion of the $8.7 billion debt owed to its creditors. The new management team, led by CEO John J. Ray, has been working tirelessly to restore financial stability following FTX’s declaration of bankruptcy last year. This significant achievement marks a major milestone in the company’s restructuring process. However, FTX incurred legal fees of over $120 million during the bankruptcy proceedings and has recently filed a lawsuit against a former aide to Hillary Clinton to recover $700 million in investments. The new management revealed that FTX had misused client funds and provided false information to banks. The complex connections between FTX and Alameda Research contributed to the company’s downfall, with internal records indicating a cash shortfall of over $10 billion for FTX.com. The actions of former senior executives, including mingling and misuse of customer deposits and corporate funds, have been condemned by CEO John J. Ray.
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