FTX recovers $5 Billion!

SBF FTX picture

FTX, the crypto exchange, has recovered more than $5 billion in assets, according to a bankruptcy attorney.

This is not including the $425 million in crypto held by the Securities Commission of the Bahamas. However, it seems that there is still a sum missing from what is owed to customers, and the exact amount is still unclear.

The attorney, Adam Landis of Landis Rath & Cobb, stated that the $5 billion recovered does not include the value of dozens of illiquid cryptocurrency tokens, where the exchange’s holdings are so large that it cannot be sold without substantially affecting the market for the token.

This announcement substantially raises the total FTX claims it holds after the company’s new leadership said it could only find just over $1 billion on December 20, 2022. The total amount FTX owes its creditors is still unclear. It will be interesting to see how this situation develops and whether customers and creditors will be able to recover any of their funds.