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Attorney says FTX recovered $5 billion in cash and securities
An attorney for SBF's cryptocurrency exchange FTX testified on Wednesday that his client had recovered over $5 billion in cash and liquid cryptocurrencies and securities
By: Flagship Team
In November, the company submitted its bankruptcy petition. Then, in December, prosecutors in the United States accused Bankman-Fried of masterminding an “epic” fraud that may have cost billions of dollars to investors, customers, and lenders.
Now, attorneys and advisors overseeing a company that has declared bankruptcy are attempting to recover funds to pay back creditors.
At the beginning of the hearing on Wednesday, an attorney for FTX named Andrew G. Dietderich stated in front of a U.S. bankruptcy judge in Delaware:
"We have located over $5 billion of cash, liquid cryptocurrency and liquid investments securities."
Although the company's books have been described as unreliable, Dietderich also stated that the organization plans to sell non-strategic investments with a book value of $4.6 billion.
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