Key Points:
To evaluate the firm’s financial status, FTX Trading discovered $5.5 billion in liquid assets.
According to a statement from the company, FTX Debtors have located $1.7 billion in cash, $3.5 billion in cryptocurrency, and $3 million in securities. FTX sought bankruptcy protection in November and may still owe its top 50 creditors $3.1 billion.
About half of those digital assets are already in possession of FTX Debtors; the remaining half, however, was transferred to the control of the Securities Commission of the Bahamas in the case of FTX.com and was also the subject of unauthorized third-party transfers after FTX sought bankruptcy protection.
John J. Ray III, the Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors said:
“We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information. We ask our stakeholders to understand that this information is still preliminary and subject to change. We will provide additional information as soon as we are able to do so.”
With regard to FTX US, the debtors have identified about $181 million in digital assets, of which $90 million was transferred post-petition by unauthorized third parties, $88 million is kept in cold storage under the debtors’ control, and $3 million is on the verge of being done so.
Previously, Sam Bankman-Fried, the former CEO of FTX, stated that FTX US is fully solvent and able to reimburse its clients.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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