FTX Has Recovered $5 Billion in Cash, Liquid Cryptocurrencies and Securities, Says Attorney

Crypto exchange FTX has recovered more than $5 billion in cash and liquid cryptocurrencies and securities, an attorney for the bankrupt company founded by Sam Bankman-Fried told a judge on Wednesday.

FTX
FTX

The company filed for bankruptcy in November and U.S. prosecutors accused Bankman-Fried of orchestrating an "epic" fraud that may have cost investors, customers and lenders billions of dollars. Attorneys and advisers overseeing the bankrupt company are now trying to recover funds to repay creditors.

"We have located over $5 billion of cash, liquid cryptocurrency and liquid investments securities," Andy Dietderich, an attorney for FTX, told a U.S. bankruptcy judge in Delaware at the start of Wednesday's hearing.

Dietderich also said that the company plans to sell non-strategic investments that had a book value of $4.6 billion, although the company's books have been described as unreliable.

Sam Bankman-Fried
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Bahams seizes 3.5 billion in FTX Digital Assets

Bahams said last week it seized $3.5 billion in FTX digital assets, as its former CEO Sam Bankman-Fried faces a trial in the US.

The country's Securities Commission took control of the assets soon after the crypto exchange filed for bankruptcy in the US in November, reports revealed late on Friday.

The Securities Commission of The Bahamas said in a statement that it took the action of directing the transfer of all digital assets of under the custody or control of FTXDM (FTX Digital Markets Ltd) or its principals, valued at more than $3.5 billion, based on market pricing at the time of transfer, to digital wallets controlled by the Commission, for safekeeping.

This article was first published on January 11, 2023
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