Welcome to the latest news from the cryptocurrency world!
This week, we’re looking at a major development in the cryptocurrency exchange industry. User funds that were lost by FTX, a popular crypto derivatives exchange, have been found!
FTX was founded in 2018, and has quickly become one of the largest spot and derivatives crypto exchanges in the world. However, in April 2020, FTX reported that it had lost $3.5 billion of user funds due to an error in its code.
Fortunately, the funds have been found and returned to their rightful owners. FTX CEO Sam Bankman-Fried (SBF) announced the news yesterday, and said that the funds have now been fully recovered.
The news has been welcomed by the cryptocurrency community, who are relieved that user funds have been found and returned. SBF has also revealed that he cashed out a portion of his own funds to ensure the safety of user funds.
That’s all for this week’s cryptocurrency news. Stay tuned for more updates from the cryptocurrency world!
