FTX Just Recovered $7,000,000,000 in Liquid Assets

It has been revealed that the bankrupt FTX managed to recover a significant amount of money in liquid assets. Check out the latest reports below.

According to a recent report, the struggling cryptocurrency trading platform FTX has successfully recovered billions of dollars in assets.

With a current recovery amount of $7 billion and potentially more to come, FTX is making progress towards repayment to its clients. The platform is reportedly indebted to its users for a total of $8.7 billion.

“Based on the Debtors’ ongoing analysis, as of the petition date, the FTX.com exchange owed customers approximately $8.7 billion. The vast majority of the deficit—over $6.4 billion—was in the form of fiat currency and stablecoin that had been misappropriated.

Despite the ongoing challenges created by the commingling of customer deposits and corporate assets, and other mismanagement of the FTX Group, the Debtors continue to make substantial progress in their ongoing efforts to identify, secure and recover assets for the estate.

To date, the Debtors have recovered approximately $7 billion in liquid assets, and they anticipate additional recoveries. The Debtors will continue to provide updates on their ongoing recovery efforts and investigation as their work progresses.”

The report also made sure to state the fact that the beleaguered crypto exchange used customer deposits to fund its expenditures.

“Following substantial forensic analysis, which remains ongoing, the Debtors have been able to identify certain transactions that appear clearly to have been funded in part with commingled customer deposits. These include political and ‘charitable’ donations, venture investments and acquisitions, and the purchase of luxury real estate for senior FTX Group employees in the Bahamas…”

About two weeks ago, we revealed the fact that The Bahamas Supreme Court stated just recently the fact that Sam Bankman-Fried has the right to be heard before the island nation consents to some of the charges that US authorities filed against the disgraced FTX founder.

Bankman-Fried is now facing charges that are not covered in the original indictment that served as the basis for his extradition.