FTX attorney announces $5B in assets recovered FTX attorney announces $5B in assets recovered
FTX attorney Andy Dietderich announced that $5 billion in cash, investment securities and liquid cryptocurrencies have been recovered.
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Updated: Jan. 11, 2023 at 3:52 pm UTC
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FTX recovered over $5 billion comprised of cash, investment securities and liquid cryptocurrencies, according to Reuters.
“We have located over $5 billion of cash, liquid cryptocurrency and liquid investments securities.”
Andy Dietderich — an FTX attorney — provided the update to the case on Jan. 11, informing a bankruptcy judge in Delaware at the start of the FTX Senate Banking hearing.
Dietderich also said that FTX plans to sell non-strategic investments that had a book value of $4.6 billion, although the company’s books have been described as unreliable.
FTX filed for bankruptcy on Nov. 11, 2022, leading to founder Sam Bankman-Fried (SBF) being accused of fraud — costing investors, customers and lenders alike in excess of $10 billion. Attorneys and advisers continue to endeavor to recover funds to repay FTX creditors.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.