February 4, 2023

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FTX claims to have raised $5 billion in assets – E24

FTX has raised more than $5 billion in cash and cryptocurrency, says lawyer for collapsing cryptocurrency exchange.

FTX has found more than $5 billion in cash and cryptocurrency, says a lawyer representing the collapsed cryptocurrency exchange in a bankruptcy case. Sam Bankman Freed, founder of FTX, has been accused of defrauding investors, clients and lenders of billions of dollars.
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Several hundred million dollars disappeared, and it is not clear where the deposits went after the collapse of FTX in November.

Cryptocurrency exchanges have filed for bankruptcy protection in the US, and Sam Bankman-Fried has resigned as director of the company. In December, he was arrested in the Bahamas.

Charges against Bankman-Fried include fraud and money laundering, which may have cost investors, customers and lenders several billion dollars.

The lawyers and consultants who now run FTX are working to find funds to pay off creditors.

We found more than $5 million in cash, liquid cryptocurrency and liquid securities, Attorney Andy Dittderich, who represents the company, said in a Delaware court hearing on Wednesday.

Dietderich further said that FTX plans to sell investments with a book value of $4.6 billion. But Reuters confirms that the company’s accounts were described as unreliable.

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