​Cryptocurrency Exchange FTX Regains $7.3 Billion in Assets

Cryptocurrency exchange FTX has successfully recovered $7.3 billion worth of assets under its control following a period of bankruptcy, according to an attorney associated with the company. The company had filed for bankruptcy protection earlier this year, citing a difficult economic landscape as well as difficulties related to the coronavirus pandemic. The attorney leading the case claims that, due to her team's hard work and dedication, all of FTX's assets have been recovered and are now securely back in their possession. This marks a major milestone for the exchange which is expected to return to full operations in the near future. It is a positive development for cryptocurrency investors everywhere as it shows that these types of exchanges can survive difficult times and bounce back relatively unscathed. 

​Crypto Fintech Industry Benefits From Regulatory Clarity 

Binance CEO Zhao Changpeng recently spoke to Deng Chao from Hashkey Capital on the effects of regulatory clarity on the crypto and fintech industry. He believes that having no clear guidelines does more harm than good, as it discourages start-ups and investors alike. Zhao further states that overly restrictive regulations are preferable to having no regulatory clarity at all. He also suggests that enforcement may be used against those operating unknowingly in a grey area. 

Zhao believes that increased regulation in reality is beneficial for the growth of cryptocurrency, as it draws more attention and funds from traditional markets into the space. As an example, he tweeted out that Hong Kong banks are beginning to support crypto business and USDT alone has grown to an $80 billion marketcap with more stablecoins on the horizon. 

​Tracking Illicit Funds: South Korean Prosecutors Pursue Do Kwon and Terraform Labs Executives

South Korean authorities are attempting to recover the illicit funds connected to Do Kwon’s involvement in the Terra-Luna scandal. After laundering stolen money through overseas cryptocurrency exchanges, Kwon managed to evade arrest for over a year. To combat this, prosecutors have requested Binance halt any withdrawals associated with Kwon and are working hard to track properties and assets connected to Terraform Labs executives. Even though an arrest warrant has been issued by South Korean authorities, Recovery of the stolen funds remains a priority for prosecutors.