April 13, 2023

FTX Recovered $7.3 Bln in Assets



The collapsed cryptocurrency exchange FTX is likely set to resume operations again in the future, legal teams of the debtors revealed.

These remarks came following statements of FTX lawyers made during a hearing in the United States Bankruptcy Court for the District of Delaware as they said FTX had recovered $7.3 billion in liquid assets. An investigation into all FTX assets is ongoing and found that the four FTX company silos have about $4.8 billion in scheduled assets, according to a March hearing from the debtors, Cointelegraph reported.

The legal team uncovered that the collapsed crypto exchange is considered to be on the track again in the second quarter of 2024, statements which come in line with what FTX CEO John Ray said in his interview in January about his openness to restarting FTX.

Because of the lawyers’ positive remarks, the price of the FTX token increased from $1.32 to $2.80, a surge of more than 112%.

Earlier in January, FTX attorney Andy Dietderich said the crypto exchange has recovered $5 billion in cash and liquid cryptocurrencies, which could be used to repay customers and investors after being sold.

In December, Sam Bankman-Fried was arrested in the Bahamas at the request of the US government. SBF, 30, faces criminal charges related to the bankruptcy of the crypto platform in November. He faces charges of money laundering, wire fraud, wire fraud conspiracy, securities fraud, and securities fraud conspiracy. He will go for trial in October as he is remaining under house arrest at his parents’ house in California.

Several former executives from FTX and Alameda Research are facing federal charges related to the companies’ failures, which resulted in tens of billions of dollars of losses to customers.

FTX Europe AG, along with 133 other subsidiaries, was part of FTX’s Chapter 11 filing in the US bankruptcy court in November 2022.

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