Collapsed cryptocurrency exchange FTX has located more than $5bn (£4.1bn) of assets, an attorney for the firm says. However, a US bankruptcy court was told on Wednesday that the extent of losses to customers is still not known. Prosecutors have accused FTX’s former chief executive Sam Bankman-Fried of orchestrating an “epic” fraud that may have cost investors, customers and lenders billions of dollars. Mr Bankman-Fried has pleaded not guilty to charges that he cheated investors. “We have located over 5 billion dollars of cash, liquid cryptocurrency and liquid investment securities,” Andy Dietderich, an attorney for FTX, told US Bankruptcy Judge John Dorsey in Delaware. Mr Dietderich said that the recovered funds do not include assets seized by the Securities Commission of the Bahamas, where FTX was based and where Mr Bankman-Fried was living at the time of his arrest. Most of FTX’s customers and investors who are facing losses have not been named in the hearings. However, American football star Tom Brady, his former wife Giselle Bündchen and New England Patriots owner Robert Kraft were mentioned in court filings. In December the 30-year-old was arrested in the Bahamas and extradited to the US. He has been accused of committing “one of the biggest financial frauds in US history.” FTX, which a year ago was valued at $32bn, filed for bankruptcy protection on 11 November. It has been estimated that $8bn of customer’s funds was missing.
Full story : FTX: Collapsed crypto giant recovers over $5bn of assets.
