The scale of customer losses as a result of the collapse of the crypto exchange is still unknown (Photo: REUTERS / Dado Ruvic)
Crypto exchange FTX recovered more than $5 billion in liquid assets, but the extent of customer losses as a result of its collapse is not yet known.
This is reported Reuters with reference to the company’s lawyer Andy Ditdericha.
“We found over $5 billion in cash, liquid cryptocurrencies and liquid investment securities,” Dietderich said.
The company plans to sell non-strategic investments with a book value of $4.6 billion, he said. lawyers are still working to reproduce accurate internal records, and the actual client shortfall remains unknown. The U.S. Commodity Futures Trading Commission has valued the missing customer funds at more than $8 billion.
An FTX lawyer estimated the value of the seized assets at only $170 million, while the Bahamas put the figure at $3.5 billion. According to Dietderich, the seized assets mainly consist of FTX’s own and illiquid token, the price of which is highly volatile.
In the beginning of November 2022 2019, Coindesk published a material showing the complex connection between two projects of FTX CEO Sam Backman-Fried – FTX and the trading company Alameda Research. More than 40% of the $14 billion in Alameda Research is the FTT cryptocurrency owned by FTX.
The danger of such a scheme is that in the event of a powerful reset of FTT, the price of the cryptocurrency will begin to fall sharply, which can lead to problems for Alameda and FTX.
Generally FTX owes almost $3.1 billion to its biggest creditors.
With the co-founder of the exchange Gary Wang and former Alameda Research Chair Caroline Ellison plead guilty on criminal charges in the collapse of FTX and are cooperating with investigators. FTX founder Sam Benkman-Fried has been released on record bail in the amount of $250 million.
Bankman-Fried refused to admit guilt on eight counts. Withdrawal of the guilty plea will allow more information about the evidence against him and plan the next step.
