Two months have passed since the start of the company’s bankruptcy process, and the interim managers managed to find a significant reserve of funds.
The new management of the FTX cryptocurrency exchange, which is in the process of bankruptcy, announced $ 5 billion, which are “in liquid assets.” According to FTX attorney Andy Dietderich, the funds are held in cryptocurrencies, cash and securities. The lawyer emphasized that these funds do not include the $425 million confiscated by the Bahamas Securities Commission. However, it is not clear whether the US seized shares of Robinhood in the amount of $450 million are taken into account.
“Right now we’re doing the hard work of recreating the ticket queue for each client. We build financial statements from the ground up using blockchain data and bank transaction records, not unreliable and incomplete claims from creditors. This will allow us to accurately describe financial obligations,” Andy Dietderich explained.
According to Kevin Cofsky, a partner at the investment bank Perella Weinberg Partners, FTX management should sell its exchange. The bank even initiated an evaluation of such a step. Now the marketplace is trying to sell four large affiliated companies. And many investors are expressing interest in buying these legal entities.
Source: Bits
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