After filing for bankruptcy
Found $5 billion in crypto firm FTX
01/12/2023 09:49 am
In November last year, the cryptocurrency platform FTX filed for bankruptcy. Lawyers are now able to secure assets totaling five billion dollars. For creditors and customers, this is a small glimmer of hope.
At the bankrupt cryptocurrency platform FTX, lawyers have discovered remaining assets totaling five billion dollars (4.64 billion euros). That sum was found in the form of “cash, liquid cryptocurrency and liquid securities,” said bankruptcy attorney Andrew Dietderich in a Delaware court.
The company is also “on the right track” to sell other assets with a book value of $4.6 billion. According to Dietderich, however, it is still too early to say how much FTX will have to raise to compensate its former customers, who lost their balances practically overnight due to the bankruptcy.
FTX filed for bankruptcy in November, rocking the crypto world. The company’s business construct collapsed when it was revealed that FTX was holding its client funds primarily in a specially issued cryptocurrency with no equivalent. FTX founder Sam Bankman-Fried has been charged in the US with fraud and money laundering, among other things. The 30-year-old was arrested in the Bahamas in December and extradited to the United States.