Extent of customer losses, however, is still unknown Read more at straitstimes.com.
NEW YORK/WILMINGTON, Delaware - Crypto exchange FTX has recovered more than US$5 billion in liquid assets but the extent of customer losses in the collapse of the company founded by Sam Bankman-Fried is still unknown, an attorney for the company told a US bankruptcy court on Wednesday.
Mr Dietderich also said the company plans to sell nonstrategic investments that had a book value of US$4.6 billion. FTX’s attorney estimated the seized assets were worth as little as US$170 million while Bahamian authorities put the figure as high as US$3.5 billion. The seized assets are largely comprised of FTX’s proprietary and illiquid FTT token, which is highly volatile in price, Mr Dietderich said.FTX could raise additional funds in the coming months for the benefit of customers after Judge Dorsey approved FTX’s request for procedures to explore sales of affiliates at Wednesday’s hearing.
The US Trustee, a government bankruptcy watchdog, opposed selling the affiliates before the extent of the alleged FTX fraud is fully investigated. Media companies and the US Trustee had argued that US bankruptcy law requires disclosure of creditor details to ensure transparency and fairness.
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