Crypto assets worth $740M recovered in FTX bankruptcy so far
The firm BitGo says the amount of recovered and secured assets has likely risen above $1 billion since Nov. 16
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The company contracted to recover assets of the failed cryptocurrency exchange FTX says it has managed to recover more than $740 million so far.
However, it is just a fraction of the potentially billions of dollars likely missing from the company's coffers.
The custodial company BitGo was hired in the hours after FTX filed for bankruptcy on Nov. 11.
The assets recovered were disclosed in court filings on Wednesday.
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In this photo illustration, the stock trading graph of FTX Token (FTT) seen on a smartphone screen. ((Photo by Rafael Henrique / SOPA Images/Sipa USA)No Use Germany. / Reuters Photos)
The biggest worry for many of FTX's customers is they'll never see their money again.
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FTX failed because its founder and former CEO Sam Bankman-Fried and his lieutenants used customer assets to make bets in FTX's closely related trading firm, Alameda Research.
Chairwoman Maxine Waters, D-Calif., right, and Ranking Member Patrick McHenry, R-N.C., left. Lawmakers plan to investigate the failure of FTX, the large crypto exchange that collapsed last week and filed for bankruptcy protection, leaving investors a ((AP Photo/Andrew Harnik, File) / AP Newsroom)
Bankman-Fried was reportedly looking for upwards of $8 billion from new investors to repair the company's balance sheet.
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The $740 million figure is from Nov. 16. BitGo estimates that the amount of recovered and secured assets has likely risen above $1 billion since that date.
The FTX Arena name is still visible where the Miami Heat basketball team plays. ((AP Photo/Marta Lavandier, File) / AP Newsroom)
The assets recovered by BitGo are now locked in South Dakota in what is known as "cold storage," which means they're cryptocurrencies stored on hard drives not connected to the internet.
The assets recovered include not only bitcoin and ethereum, but also a collection of minor cryptocurrencies that vary in popularity and value.
The Associated Press contributed to this report.