FTX has recovered over $5B in cash and liquid crypto: Report
Previous reports suggested that FTX saw losses peak at nearly $9 billion in total liabilities.
According to FTX attorney Andy Dietderich, the troubled cryptocurrency exchange has “recovered $5 billion in cash and liquid cryptocurrencies.” However, the exchange is still “working to rebuild transaction history,” and the total amount of customer shortfall is “still unclear.” Speaking to a U.S. bankruptcy judge in Delaware on Wednesday, Dietderich also stated that the company plans to sell $4.6 billion worth of non-strategic investment.
Cointelegraph previously reported that FTX has $8.8 billion in total liabilities. At the time, sources said the exchange had very little in cash and liquid digital assets, amounting to an estimated $8 billion hole in its balance sheet.
Sam Bankman-Fried, the disgraced founder of FTX, has pled not guilty to all criminal charges related to the exchange’s fallout. The United States Attorney’s Office for the Southern District of New York has formed an FTX Task Force to “trace and recover” missing customer funds and handle investigations and prosecutions related to the exchange’s collapse.
This is a breaking news story and will be updated accordingly
