FTX, the defunct cryptocurrency exchange, has now recovered a total of $7.3 billion of its customer’s funds and could restart its operations as soon as next year, according to the company’s lawyers.
FTX has seen the recovery of more than $800 million in cash and crypto assets since January 2023, Reuters reported.
“The situation has stabilised, and the dumpster fire is out,” FTX attorney Andy Dietderich said during a hearing at a Delaware bankruptcy court.
When FTX collapsed in mid-November, the company had collected just $3.3 billion of assets to distribute among stakeholders, according to The Guardian.
The publication also noted that FTX now has more than $4 billion of crypto assets under its control, a value that has been bolstered by a sharp recovery in cryptocurrency prices.
FTX’s legal team is still working to accurately recreate internal records of FTX’s accounts, and external estimates from the US Commodity Futures Trading Commission put missing funds at more than $8 billion.
Meanwhile, some FTX funds are still locked up in the Bahamas after the country’s securities commission seized assets related to the winding-up of the company’s local subsidiary.
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