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Cryptocurrency exchange FTX has recovered more than $5 billion in liquidity, but the extent of customer losses from its collapse is still unknown, a lawyer for the bankrupt firm founded by Sam Bankman-Fried said Wednesday. rice field.
The company, which was valued at $32 billion a year ago, filed for bankruptcy protection in November, and U.S. prosecutors said Bankman-Fried may have caused billions of dollars in damages to investors, customers and lenders. accused of orchestrating a “grand” fraud.
“We have over $5 billion in cash, liquid cryptocurrencies and liquid investment securities,” FTX attorney Andy Dietrich told a Delaware U.S. bankruptcy judge at the start of Wednesday’s hearing. I found.
Dietrich also said the company plans to sell non-strategic investments with a book value of $4.6 billion.
But Dietderich said the legal team was still working to create an accurate internal record and the actual customer shortage remained unknown. We estimate the funding to exceed $8 billion.
FTX’s attorneys estimate the value of the seized property at just $170 million, while Bahamian authorities put the figure at $3.5 billion. Dietderich said most of the seized assets consisted of FTX’s own illiquid FTT token, whose price is highly volatile.
The company’s founder, Bankman-Fried, last month was accused of stealing customer deposits and lying to stock investors to pay a debt from his hedge fund, Alameda Research. He was indicted in Manhattan federal court on six counts of conspiracy. Financial status of FTX. he pleaded not guilty.
Bankman-Fried acknowledges shortcomings in FTX’s risk management practices, but says the former billionaire doesn’t consider himself criminally liable.
In addition to the loss of customer funds, the company’s collapse could also wipe out stock investors.
Among those investors are American football star Tom Brady, Brady’s ex-wife supermodel Gisele Bündchen, and New England Patriots owner Robert Kraft, all of whom are expected to head to court Monday. disclosed in the filing.
Sam Bankman-Fried — Photo
Updated: Jan 11, 2023, 8:22 PM
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