TechFlow reported, according to Bloomberg, that cryptocurrency exchange FTX recently stated it has made substantial progress in safeguarding assets. The company's management team has recovered approximately $7 billion in liquid assets.
In addition, since its inception, FTX has commingled customer deposits with corporate funds and created a new entity called North Dimension Inc. This company was described as a cryptocurrency trading firm with 2,000 counterparties and an average monthly trading volume of $10 million.
In reality, however, North Dimension Inc. was a shell company whose function was to receive customer deposits and withdrawals for FTX. While this practice carried certain risks, FTX's management said they had taken measures to maximize the protection of customers' assets.
