FTX Recovers Over $5 Billion in Cash and Cryptocurrencies According to Attorneys

Joshua Ramos
Source: ABC News

FTX has reportedly recovered over $5 billion in cash and cryptocurrencies according to attorneys. Subsequently, this discovery greatly impacts the number of recovered assets held by the firm when they initially declared bankruptcy in November of last year.

This number does not include the reported $425 million that is currently held by Bahamian authorities. Conversely, it remains a positive development in the eventual recovery of assets for those affected by the firm’s bankruptcy.

FTX Recovers $5 Billion in Assets

There was no scandal in the cryptocurrency industry as large as that involving FTX. The crypto exchange platform had long been one of the most prominent on the market throughout 2022. Before collapsing due -pl÷’to the unearthed fraudulent practices taking place at the firm.

With former CEO Sam Bankman-Fried embroiled in his own legal battle, the bankruptcy proceedings to this point have been disastrous in their own right. The company’s American arm has been in conflict with Bahamian authorities, with no telling when lost customer funds could be recovered.

Source: CoinDesk

Now, it appears as though we have some answers in terms of the latter. Today’s bankruptcy hearing today showed that FTX has recovered over $5 billion in cash and cryptocurrencies according to the firm’s attorneys. Specifically, attorney Adam Landis spoke on FTX’s behalf about the discovery. Stating, “We have located over $5 billion in cash, liquid cryptocurrency, and liquid investment securities measured at petition date value.”

Landis added, “[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,” Landis concluded.