FTX reportedly recovers assets worth over $5 billion
- A bankruptcy attorney for crypto exchange FTX revealed on Wednesday that the platform had located over $5 billion in assets.
- The new assets includes cash and liquid crypto, adding to the $1 billion initially announced in December.
- FTX filed for bankruptcy in November 2022.
In cryptocurrency news related to collapsed crypto exchange FTX, a bankruptcy attorney has revealed the recovery of over $5 billion worth of assets tied to the platform.
According to the latest report on the matter, the recovered assets do not include roughly $425 million in digital assets being held by Bahamian regulator the Securities Commission of the Bahamas (SCB).
FTX ‘finds’ more assets
FTX filed for bankruptcy in November 2022, with the exchange’s new leadership stating in December that they could only locate $1 billion or so worth of assets.
However, on Wednesday, FTX bankruptcy attorney noted the team had managed to find more than $5 billion. The amount includes cash, liquid crypto assets and investment securities whose value is pegged at prices when the petition was filed.
While the find adds to the claim holdings, it is yet to be established just how much the company owes creditors. When it filed for bankruptcy protection, it indicated an amount between $1 billion and $10 billion.
