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Home Crypto Exchanges

Breaking: FTX Recovers $5 Billion In Cash And Liquid Cryptocurrencies

Hania by Hania
January 11, 2023
in Crypto Exchanges
Reading Time: 4 mins read
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FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX/Sam Bankman-Fried scandal
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In Brief:

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  • $5 Billion Is Recovered By FTX.
  • The FTX Scam

The FTX cryptocurrency exchange, which has been in severe debt, has announced that it has recovered $5 billion in cash and liquid cryptocurrency.

According to a lawyer acquainted with the matter, the failing cryptocurrency exchange FTX is reported to have “recovered $5 billion in cash and liquid cryptocurrencies.” Despite this, the exchange is “making efforts to rebuild the transaction history.” This does not include the additional $425 million in cryptocurrencies owned by the Bahamas Securities Commission.

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$5 Billion Is Recovered By FTX.

As previously reported, FTX’s total liabilities total $8.8 billion. The exchange was claimed to have limited cash and liquid digital assets at the time, which translated to a balance sheet gap of almost $8 billion, as per  FTX’s newly appointed CEO John J. Ray III.

A U.S. bankruptcy judge in Delaware was informed by FTX’s lawyer, Andy Dietderich, at the beginning of the hearing on Wednesday that:

We have discovered liquid financial securities, liquid cryptocurrencies, and over $5 billion in cash, all evaluated at petition date value. Our holdings cannot be sold without impacting the token market because our holdings are so high in comparison to the overall supply.

The company’s financial statements have been criticized as being unreliable, but according to Dietderich, the company plans to dispose of $4.6 billion worth of non-strategic holdings.

On the other hand, when discussing assets confiscated by Bahamian authorities, the FTX attorney estimated the assets’ value to be as low as $170 million; in contrast to what the government body claimed to be as high as $3.5 billion. Dietderich claims that the FTT crypto token, which is owned by FTX proprietary and is illiquid and volatile in value, makes up the majority of the confiscated assets.

Breaking: FTX Recovers $5 Billion In Cash And Liquid Cryptocurrencies

The FTX Scam

The company filed for bankruptcy in November, and in December U.S. prosecutors charged Sam Bankman-Fried with masterminding an “epic” fraud that could have cost investors, consumers, and lenders billions of dollars. Advisors and attorneys for the bankrupt company are currently working to recover money to pay creditors back.

Sam Bankman-Fried, the discredited founder of FTX, recently pleaded not guilty to all charges resulting from the exchange’s failures.

As a result of the collapse of the FTX exchange, an “FTX Task Force” has been formed by the Southern District of New York Office to track & recover lost customer assets as well as to manage legal action.

Tags: cryptocurrency exchangeFTX case
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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