$5B of FTX Assets Recovered

WILMINGTON, DE – An attorney for FTX, Andy Dietderich, has confirmed in a U.S. bankruptcy court that the company’s restructuring team has “recovered $5 billion in cash and liquid cryptocurrencies” 

Disgraced former CEO of FTX Sam Bankman-Fried has pled not guilty to federal charges of fraud and conspiracy after filing FTX for Chapter 11 bankruptcy. Bankman-Fried filed FTX for Chapter 11 bankruptcy on Nov 11, 2022, the company was said to have at least $10 billion in liabilities and very little cash. 

FTX has allegedly recovered over $5B of ‘liquid’ assets including cash, crypto & securities according to a bankruptcy attorney.

— Tiffany Fong (@TiffanyFong_) January 11, 2023

In a Delaware courtroom, Dietderich told the judge that several of the company’s subsidiaries, FTX Japan, FTX Europe, and others, will sell $4.6 billion of non-strategic investment, with plans to refund investors. Dietderich also stated that the team is still “working to rebuild transaction history.”