FTX crypto exchange recovers over $5 billion
Business
US authorities charged Bankman-Fried with planning fraud causing lost investors, lenders billions of dollars
(Reuters) - FTX has recovered more than $5 billion in liquid assets although it is still unclear how much money customers lost when the company went down.
In November, the company which had a $32 billion valuation a year earlier sought bankruptcy protection and US authorities charged Bankman-Fried with planning an epic fraud that may have lost investors, clients and lenders billions of dollars.
According to Andy Dietderich, an attorney for FTX, the business intends to divest non-strategic investments with a $4.6 billion book value.
In the Bahamas, where Bankman-Fried lived and the business had its headquarters, Securities Commission officials confiscated assets worth $5 billion, according to Dietderich.
While Bahamian officials assessed the value of the confiscated assets as high as $3.5 billion. FTX s counsel had estimated that they were only worth as low as $170 million.
According to Dietderich the majority of the confiscated assets were made up of FTX s proprietary and illiquid FTT coin which has a very fluctuating pricing.
The company s demise not only resulted in the loss of consumer monies but also probably eliminated stock investors.
