• Exchanges owe customers $8.7 billion, in response to a analysis report.
• The examine discovered that the misuse of stablecoins and fiat cash is price $6.4 billion.

A brand new investigative report by the defunct alternate claims that the brand new FTX administration has recovered $7 billion. The brand new authorities additionally claims that it has made “substantial progress” in restoring misplaced property.

Nonetheless, a not too long ago launched analysis report exhibits that the alternate owes customers $8.7 billion. That is how a lot debt it had when it filed for chapter final yr. The examine discovered that the misuse of stablecoins and fiat cash is price $6.4 billion.

Vital progress to date

The demise of FTX is arguably essentially the most controversial occasion in cryptocurrency’s quick historical past. A cryptocurrency alternate as soon as thought of important has turned out to be an enormous rip-off. He ultimately filed for Chapter 11 chapter late final yr.

There have been some fascinating developments all through the chapter proceedings. A newly launched analysis report claims that FTX’s new administration has collected $7 billion. Nonetheless, the brand new alternate administration workforce has referred to as the recovered property to date “substantial progress.”

However, the newest evaluation affords some shocking findings. The primary surprising information is that greater than $8.7 billion continues to be owed to prospects. FTX’s new CEO, John Ray III, additionally acknowledged the cruel actuality of the deal.

Ray mentioned:

The previous FTX CEO has been indicted on a number of prices by US authorities. Extra not too long ago, FTX sued K5 World for restoration of $700 million paid by SBF’s former CEO.

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