An attorney representing bankrupt FTX informed a judge on Wednesday that the crypto exchange recovered over $5 billion in liquid assets that could go towards repaying distraught creditors.
FTX attorney Andy Dietderich told a Delaware bankruptcy judge that more than $5 billion worth of cryptocurrencies, cash, and securities have been recovered throughout the bankruptcy process thus far. Dietderich also told the court that FTX is preparing to sell non-strategic investments totalling a book value of around $4.6 billion.
The attorney’s finding now increases the total value of assets FTX’s new leadership says the crypto exchange supposedly holds. Back in December, the company said it could only locate $1 billion in assets; it still remains unclear how much FTX owes to creditors, but initial bankruptcy filings suggest the figure could be anywhere between $1 and $10 billion.
The revelation comes shortly after federal prosecutors said they’re going to seize at least $500 million in assets connected to FTX as part of founder Sam Bankman-Fried’s prosecution proceedings. SBF is facing accusations of fraud by US prosecutors, with the fraud being described as “epic” and potentially costing billions of dollars to investors, customers, and lenders.
Information for this briefing was found via Reuters and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.