Crypto assets worth $740M recovered in FTX bankruptcy so far

The company contracted to recover assets from failing cryptocurrency exchange FTX claims to have managed to recover over $740 million so far.

However, this is only a fraction of the billions of dollars potentially missing from the company’s coffers.

Custodian company BitGo was hired within hours of FTX filing for bankruptcy on November 11.

The recovered assets were disclosed Wednesday in court documents.

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In this photo illustration the FTX Token (FTT) stock chart seen on a smartphone screen. ((Photo by Rafael Henrique/SOPA Images/Sipa USA)Not used Germany./Reuters Photos)

The biggest worry for many FTX customers is that they will never see their money again.

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FTX failed because its founder and former CEO Sam Bankman-Fried and his lieutenants used client assets to place bets in FTX’s closely related trading company, Alameda Research.

FTX Audition

President Maxine Waters, D-California, right, and ranking member Patrick McHenry, RN.C., left. Lawmakers plan to investigate the failure of FTX, the major crypto exchange that collapsed last week and filed for bankruptcy, leaving investors with a ((AP Photo/Andrew Harnik, File)/AP Newsroom)

Bankman-Fried reportedly sought more than $8 billion from new investors to repair the company’s balance sheet.

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The $740 million figure is as of November 16. BitGo estimates that the amount of assets recovered and secured has likely exceeded $1 billion since that date.

FTX Logo

The FTX Arena name is still visible where the Miami Heat basketball team plays. ((AP Photo/Marta Lavandier, File)/AP Newsroom)

Assets retrieved by BitGo are now locked in South Dakota in what’s called “cold storage,” meaning they’re cryptocurrencies stored on hard drives not connected to the internet.

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.

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