FTX Uncovers $415 Million Crypto Hack in $5.5 Billion Recovery Effort

• FTX identified a $415 million hack as part of the $5.5 billion worth of digital assets for recovery.
• The new CEO, John Ray III, stated that extensive investigative efforts from the team were needed for this revelation.
• FTX is also attempting to claw back a $2.1 billion Binance repurchase payment in addition to the $415 million ‘hack’ sum.

FTX, the once second-largest crypto exchange in the world, has now identified a $415 million crypto hack as part of the $5.5 billion worth of digital assets for recovery. This astonishing revelation came as a result of extensive investigative efforts from the FTX team.

John Ray III, the new FTX CEO, made a statement on Tuesday regarding this investigation, noting that “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.” The statement also detailed that the exchange had recovered $1.7 billion in cash and $3.5 billion in liquid crypto, in addition to the $300 million in liquid securities.

In addition to the $415 million hack that FTX is trying to recover, the bankrupt company is also attempting to claw back a $2.1 billion Binance repurchase payment. This payment was made just a few days before FTX went through bankruptcy proceedings in November of 2020.

The recovery process has been a long and arduous one, as there have been numerous legal, financial, and technical challenges that the FTX team has had to overcome. The team has worked diligently to uncover the hack and recover the funds, but it is still unclear how much of the stolen money will be recovered.

FTX is still in the process of completing its bankruptcy proceedings, but the exchange is hopeful that it will be able to recover the stolen funds and begin to rebuild its platform. For now, FTX is focusing on getting back to business and restoring its platform in order to regain its former glory. With the help of its dedicated team and its loyal customers, FTX has the potential to be one of the top crypto exchanges in the world once again.