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According to a report published by CNBC, the Southern District of New York has created a task force aimed at recovering lost FTX assets. January 3rd.
That effort, called the FTX Task Force, works to track and recover funds belonging to customers who lost funds during the exchange’s collapse. The task force will also pursue investigations and prosecutions related to FTX.
The latest estimates by US regulators suggest that FTX users have lost $8 billion to fraud. About $3.5 billion of those assets appear to be held by Bahamian regulators, but he also lost $372 million in funds to his FTX hack.
Damien Williams, U.S. Attorney for the Southern District of New York, said:
The Southern District of New York is working around the clock to respond to the FTX implosion. We are launching the SDNY FTX Task Force to enable us to continue this urgent work with all of SDNY’s resources and expertise until justice is done.
The task force will be led by Andrea Griswold, Williams’ lead attorney. Griswold previously led an effort to investigate Terra’s implosion last summer.
The Southern District of New York operates within the United States Department of Justice (DOJ). The task force will also bring together various other DOJ offices, including the Securities and Commodity Fraud Division, the Official Corruption Division, the Money Laundering Division, and the Multinational Criminal Enterprise Division.
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The Southern District of New York is also responsible for other recent developments related to ongoing lawsuits against FTX and its members.
The office reached a plea bargain last month with FTX officials Caroline Ellison and Gary Wang. It also indicted former FTX CEO Bankman-Fried in mid-December for fraud and money laundering. Bankman-Fried today pleaded not guilty to those charges.
