Task Force Launched to Recover $8 Billion in Lost FTX Assets

4. Januar 2023

• The Southern District of New York has created a task force called the FTX Task Force to recover funds belonging to customers of the exchange.
• The effort is estimated to recover around $8 billion in lost FTX assets, with $3.5 billion held by regulators in the Bahamas and $372 million lost in a hack.
• The task force is led by Andrea Griswold, the chief counsel of U.S. Attorney Damian Williams, and will bring together various DOJ offices like the Securities and Commodities Fraud unit, Public Corruption unit, Money Laundering unit, and Transnational Organized Crime and International Narcotics Trafficking unit.

The U.S. Department of Justice (DOJ) has announced the launch of the FTX Task Force, a new effort to trace and recover funds belonging to customers of the exchange. The Southern District of New York (SDNY) is spearheading the effort with the intention to recoup lost FTX assets.

The task force is estimated to recover around $8 billion in lost FTX assets. Of that, about $3.5 billion is held by regulators in the Bahamas, and another $372 million of funds were lost in a hack on FTX. U.S. Attorney for the Southern District of New York, Damian Williams, stated, “The Southern District of New York is working around the clock to respond to the implosion of FTX…It is an all-hands-on-deck moment. We are launching the SDNY FTX Task Force to ensure that this urgent work continues, powered by all of SDNY’s resources and expertise until justice is done.”

The task force is led by Andrea Griswold, Williams‘ chief counsel. Griswold previously led the effort to investigate Terra’s implosion last summer. In addition to Griswold, the FTX Task Force will bring together various other DOJ offices, including its Securities and Commodities Fraud unit, its Public Corruption unit, its Money Laundering unit, and its Transnational Organized Crime and International Narcotics Trafficking unit.

The task force is looking to recover funds belonging to customers of FTX, and also to pursue investigations and prosecutions related to the exchange. The effort is expected to continue until justice is done and customers are able to recover their lost funds.