Cryptocurrency exchange FTX has recovered more than $5 billion in assets, but the size of its clients’ losses is still unknown, said on Wednesday (11) a lawyer working on the company’s bankruptcy process.
The company, which a year ago was worth $32 billion, filed for bankruptcy in November and its founder Sam Bankman-Fried is responding to accusations that he is responsible for an “epic fraud” that may have cost investors and financiers billions of dollars. , according to prosecutors.
“We located over $5 billion in cash, cryptocurrencies and liquid investment securities,” Andy Dietderich, an attorney for FTX, told the judge handling the case during a hearing on Wednesday.
Dietderich also said the company plans to sell non-strategic investments that have a book value of $4.6 billion.
However, Dietderich said that the legal team is still working to create internal records and that the current size of the hole for FTX clients is still unknown. The Commodities Futures Trading Commission estimates the shortfall to the company’s customers at more than $8 billion.
Dietderich said the $5 billion recovered did not include assets confiscated by authorities in the Bahamas, where FTX was based.
Source: CNN Brasil
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