FTX recovers $7b, making strides in creditor repayment
FTX, the cryptocurrency conglomerate formerly helmed by Sam Bankman-Fried, has successfully retrieved a substantial portion of the outstanding funds owed to its creditors, per information from a report. According to a recent Bloomberg article, the current management of FTX, led by new CEO John J. Ray, announced that they have managed to recover $7 billion. It is a significant milestone in their ongoing efforts to restore financial stability from the initial $8.7 billion debt. Following the declaration of bankruptcy last year, the new FTX management team has been unwavering in its commitment to securing assets and reviving the company’s economic health. You might also like: FTX files $700m lawsuit against investment firm tied to Hillary Clinton aide Their relentless endeavors have borne fruit, retrieving approximately $7 billion in liquid assets. This achievement marks a significant step forward in the current comprehensive restructuring process. The report com...