Bankrupt FTX Recovers $5 billion in Crypto and Cash, Says Attorney

January 12, 2023

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Bankrupt FTX Recovers $5 billion in Crypto and Cash, Says Attorney

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After several reports of insolvency and bankruptcy of the crypto exchange FTX, a report that raises the hope of FTX victims is finally here.

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FTX Recovers Assets Worth $5 Billion

To pay customers, the insolvent FTX exchange has recovered over $5 billion in cash and cryptocurrency, an announcement that raised the hope of FTX customers.

The news which raises the lost hope of FTX customers was disclosed by FTX lawyer in a hearing on Wednesday, according to the lawyer, FTX has recovered over $5 billion in various assets excluding the $425 million in cryptocurrency held by the financial watchdog of the Bahamas. Thus far, the total amount the exchange is owing the customers is unclear, the lawyer added.

“We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. [It] just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token,” said Landis Rath & Cobb attorney Adam Landis on behalf of the bankrupt.

This asset recovery has to some extent boosted the total amount the exchange (FTX) claims it is holding after the new leadership of the exchange announced on December 20 that it could only find over $1 billion.

Also, the lawyer told a bankruptcy judge on January 11 that FTX is looking to sell $4.6 billion worth of non-strategic investments, including subsidiaries such as LedgerX, Embed, FTX Japan and FTX Europe.

Meanwhile, former CEO of the FTX exchange Sam Bankman-Fried has pleaded not guilty to criminal charges against him which are related to the downfall of FTX. The United States Attorney’s Office for the Southern District of New York has tasked a task force to investigate and recover FTX customers’ funds.

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