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FTX has returned more than $5 billion that could be used to pay customers

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Sam Bankman-Fried leads FTX

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Sam Bankman-Fried leads FTX

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(in update)

FTX, the bankrupt cryptocurrency trading platform, managed to recover over $5 billion in cash and crypto assetssaid attorney Andrew Dietderich, who represents the company. The announcement was made during the company’s bankruptcy hearing in a Delaware court in the US this Wednesday. This amount can be used to pay creditors and customers, writes the Washington Post.

Andrew Dietderich shared that “significant number of digital assets” which should be harder to sell in today’s tougher crypto market. This returned $5 billion does not include assets that were seized by the Bahamas market regulator, where Sam Bankman-Freed, FTX’s top man, was located and extradited to the US. The lawyer representing FTX also clarified that the company is trying to sell other “non-strategic investments” worth $4.6 billion.

FTX customers file a class action lawsuit to get their money back

However, the full extent of the loss resulting from this FTX crash remains unknown. According to US federal regulators, there are more $8 billion in cash from disappeared FTX clients.

FTX lawyers are in court trying to get permission to sell FTX subsidiaries such as LedgerX, Embed, FTX Japan and FTX Europe, Reuters explains. The company also wants a Delaware court judge to greenlight a requirement to keep customer names confidential for at least six months.

Enron or Lehman Brothers. What even happened to FTX?

Source: Observador

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