Crypto: FTX says it recovers $5 billion in assets as the former crypto giant continues bankruptcy process

by | Jan 11, 2023 | Stock Market

FTX has recovered over $5 billion in assets as the former cryptocurrency giant continues to go through bankruptcy proceedings. “We have located over $5 billion of cash, liquid cryptocurrency and liquid investments securities,” an FTX attorney told a Delaware judge on Wednesday. See also: Keurig K-Cup settlement and what to know about the $10 million class-action suit

FTX’s bankruptcy is ongoing and the nature of what will happen with those $5 billion in assets, or any financial assets it recovers in the future, is unclear at this time. MarketWatch’s Andy Keshner detailed what FTX account holders need to know amid the crypto company’s bankruptcy. See also: The ‘best job in America’ pays over $120,000 a year — and offers a low-stress, healthy work-life balance Andy Dietderich, an attorney for FTX, said the true amount of customer money that FTX lost is still not clear — the United States Commodities Futures Trading Commission has said that missing customer assets at FTX are valued at more than $8 billion, according to a Reuters report. Dietderich went on to say the $5 billion does not include any assets seized by the Securities Commission of the Bahamas, which were valued at $3.5 billion at the time of transfer. Representatives for FTX did not respond to MarketWatch’s request for comment on this story. FTX was once valued at $32 billion, but filed for bankruptcy last November after struggling with liquidity issues. Sam Bankman-Fried said he “fucked up, and should have done better,” and eventually resigned as CEO. The man known as “SBF” was arrested last month and is now facing criminal fraud charges in the United States — SBF was released on a $250 million bail and awaits trial for his charges. See also: Tom Brady, Steph Curry and Kevin O’Leary set to lose big from FTX bankruptcy filing The news from FTX comes as cryptocurrency has continued a downtrend from its 2021 highs. Bitcoin’s
price is down over 60% over the past year, and the price for ether 
is also down over 60% over the same period. The total market cap for all cry …

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