FTX Says $5B Recovered But Actual Customer Losses Unknown – FTX Token…

FTX Says $5B Recovered But Actual Customer Losses Unknown – FTX Token…

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FTX has recovered more than $5 billion in cash and other liquid assets, but the amount of customer losses has yet to be determined, an attorney for the troubled cryptocurrency exchange said in a U.S. bankruptcy court.

What happened: “We found over $5 billion in cash, liquid cryptocurrency and liquid investments,” FTX’s attorney said Andy Dietderich Reuters reported on Wednesday.

Dietderich also said that FTX FTT/USD plans to sell non-strategic investments with a book value of $4.6 billion.

The attorney said the $5 billion recovered did not include any assets seized by Bahamian regulators, Reuters reported.

See also: Best FTX Alternatives: How to Keep Your Crypto Safe

Why it matters: The attorney said the company’s legal team is still working to establish accurate internal records and the amount of money owed to customers is unknown, according to Reuters.

the US Commodities Futures Trading Commission Missing client funds are reported to be more than $8 billion.

FTX, founded by Sam Bankman Fried, could raise more funds by selling assets after the bankruptcy court agrees. Subsidiaries that could be launched include LedgerX, Embed, FTX Japan and FTX Europe, according to the report.

government guard, the US Trustee, has opposed selling the affiliated companies before the investigation into the FTX scam is complete.

Billionaire investor Peter ThielNFT quarterback Tom Bradyand Kevin O’Leary are some of the prominent investors in FTX, revealed a recent filing.

Bankman Fried hat pleaded not guilty to eight charges related to the collapse of FTX, the exchange that facilitated trading Bitcoin BTC/USD and ether ETH/USDand other digital assets.

Continue reading: FTX token surges 40%, outperforming Bitcoin and Ethereum gains – triggering short squeeze

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