FTX Lawyer Discusses How Much Cash Has Been Recovered So Far
Mark Miller, a FTX investor discusses the fallout after the collapse of FTX. He lost $25,000
Bankrupt Cryptocurrency exchange An attorney representing the platform’s failed company said Wednesday that FTX had recovered liquid assets in excess of $5 billion.
The FTX Arena is still visible at the site where the Miami Heat basketball teams play in Miami on November 12, 2022. Lawyers representing FTX announced Wednesday that more $5 billion has been recovered from liquid assets. (AP Photo/Marta Lavandier / AP Newsroom)
The lawyer stated that this figure includes liquid digital assets, cash, and investments securities.
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This revelation comes as FTX’s new leadership, under the current chief executive John J. Ray III tries to recover as much of investors’ and customers funds as possible following the scandal. Colapsing firm Former CEO and founder Sam Bankman-Fried.
John Ray, CEO, FTX Cryptocurrency Derivatives Exchange speaks at a House Financial Services Committee hearing on the collapse of FTX in Washington D.C. on December 13, 2022. (Al Drago/Bloomberg via Getty Images/ Getty Images
FTX, which was valued at $32 billion at one time, was the second-largest cryptocurrency exchange in the world before its demise.
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Ray had previously told a congressional panel that investors and customers who have invested in FTX should not expect a complete recovery. “We will never get all these assets back.”
Sam Bankman Fried, founder of FTX leaves Manhattan Federal Court after his arraignment on Dec. 22, 2022 and bail hearings. (Michael M. Santiago/Getty Images/Getty Images
Bankman-Fried arrested last mOnth on There are many charges Allegations that he took customer funds and diverted them into Alameda Research LLC his crypto hedge fund. He then used the money for his personal use, including to purchase real estate and to make political contributions.
He is currently at his California parents’ house. In the process of being triedAfter posting a $250 Million bond, the security was placed on their residence.
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Eric Revell from FOX Business and Reuters contributed to the report.
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