The body was recovered at Port Edgar, west of Edinburgh, around 8:30 p.m. (3:30 p.m. EDT) on Thursday, police said in a statement to CNN.
Hutchison's family was "utterly devastated with the tragic loss of our beloved Scott.," according to a statement.
"Despite his disappearance, and the recent concerns over his mental health, we had all remained positive and hopeful that he would walk back through the door, having taken some time away to compose himself," the family said.
Hutchison, 36, was last seen on video footage after leaving the Dakota Hotel in nearby South Queensferry at 1 a.m. on Wednesday, according to police.
The search for the missing man focused on the South Queensferry area, Forth Road Bridge and Fife.
Concerns grew after the band posted a message on Twitter saying: "We are worried about Scott, who has been missing for a little while now. He may be in a fragile state and may not be making the best decisions for himself right now. Please could Scott or anyone with any information on his whereabouts please contact Police Scotland (101)."
Just one day before he vanished, Hutchison wrote two tweets that made fans worry. "Be so good to everyone you love. It's not a given. I'm so annoyed that it's not. I didn't live by that standard and it kills me. Please, hug your loved ones," read one.
Be so good to everyone you love. It’s not a given. I’m so annoyed that it’s not. I didn’t live by that standard and it kills me. Please, hug your loved ones.— Scott Hutchison (@owljohn) May 8, 2018
His last tweet read: "I'm away now. Thanks."
I’m away now. Thanks.— Scott Hutchison (@owljohn) May 8, 2018
The family statement adds: "Scott, like many artists, wore his heart on his sleeve and that was evident in the lyrics of his music and the content of many of his social media posts. He was passionate, articulate and charismatic, as well as being one of the funniest and kindest people we knew. Friends and family would all agree that he had a brilliant sense of humour and was a great person to be around."
The statement goes on to describe Hutchison as "a wonderful son, brother, uncle and friend." "Despite whatever else was going on in his life he always had time for those he cared for," it added.
"Depression is a horrendous illness that does not give you any alert or indication as to when it will take hold of you," the statement reads. "Scott battled bravely with his own issues for many years and we are immensely proud of him for being so open with his struggles. His willigness to discuss these matters in the public domain undoubtedly raised awareness of mental health issues and gave others confidence and belief to discuss their own issues."
Frightened Rabbit was initially formed by Hutchison as a solo project in 2003, and his brother Grant joined in 2006 on drums. The lineup then grew to five with the addition of Billy Kennedy, Andy Monaghan and Simon Liddell.
In an open interview with Vice's Noisey last week, Hutchison described his current feelings.
"Pretty fine. Middling. On a day-to-day basis, I'm a solid six out of 10," he said. "I don't know how often I can hope for much more than that. I'm drawn to negatives in life, and I dwell on them, and they consume me. I don't think I'm unique in that sense. I'm all right with a six. If I get a couple of days a week at a seven ... it's great."
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