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Crac Ftx: “Found $5 Billion in Cash and Crypto Assets”

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The company filed for bankruptcy in November 2022, and US prosecutors accused the Bankman-Fried founder of masterminding an “epic” fraud that could cost investors, customers and lenders billions of dollars.

Ftx advisors find more than $5 billion in cash and crypto assets that could help pay off bankrupt creditors of the cryptocurrency trading platform it founded Sam Bankman Fried. This was reported by the Bloomberg Agency, citing documents presented in court by the company’s lawyer, Andrew Dittderich. The advisors have identified more than nine million accounts, but they don’t yet know how much creditors will be paid back or what percentage of their debt will be paid.

The company filed for bankruptcy in November 2022, and US prosecutors accused Bankman-Fried of masterminding an “epic” fraud that could cost investors, customers and lenders billions of dollars. The lawyers and consultants overseeing the bankrupt firm are now trying to recover the money to pay off the creditors.

“We have identified more than five billion dollars in cash, liquid digital currency, and liquid securities for investment,” Dietrich told a US bankruptcy judge in Delaware at the start of the Jan. 11 hearing. Dietrich also said the company plans to sell non-strategic investments with a book value of $4.6 billion, despite describing the company’s books as unreliable.

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