FTX has recovered US$5 billion, lawyer says

Source: South China Morning Post [Hong Kong]

“Crypto exchange FTX has recovered more than US$5 billion in liquid assets but the extent of customer losses in the collapse of the company founded by Sam Bankman-Fried is still unknown, a lawyer for the company told a US bankruptcy court this week. The company, which was valued a year ago at US$32 billion, filed for bankruptcy protection in November and US prosecutors accused Bankman-Fried of orchestrating an ‘epic’ fraud that may have cost investors, customers and lenders billions of dollars. … Dietderich also said the company plans to sell nonstrategic investments that had a book value of US$4.6 billion. However, Dietderich said the legal team is still working to create accurate internal records and the actual customer shortfall remains unknown. The US Commodities Futures Trading Commission has estimated missing customer funds at more than US$8 billion.” (01/12/23)