April 13, 2023

FTX Recovers $7.3 Billion, Confirms Q2 Relaunch

FTX Recovers $7.3 Billion, to Relaunch This Q2

We have some good news as we report that FTX has recovered roughly $7.3 billion after a major hack affected the crypto derivatives exchange earlier this month. According to the company’s attorney it is expected that the platform will be relaunched during the second quarter of this years.

On May 7th, FTX was hit by a massive hack that resulted in a theft of over $350 million worth of funds from user wallets. The exchange quickly responded and held off operations for two days in order to investigate the incident and recover any stolen assets.

The exchange’s lawyer, Michael Ho, has now confirmed that internal checks showed that only 3% of its total assets were affected by the theft. He added further reassurance saying:

"So far we have been able to find 7.3 billion in cryptocurrency with no signs of loss…We are confident that we will soon be able to restore [users] accounts in full"

Ho mentioned that users would have full access to their accounts within the first week of June at the latest, so some positive news for users after such an event.

This news provides some good news on a not so great day considering Bitcoin’s recent volatility and Ethereum’s gas prices reaching endemic levels.

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