Cryptocurrency exchange FTX has recovered more than $5 billion in cash, liquid cryptocurrencies and securities, a lawyer for the bankrupt company founded by Sam Bankman-Fried (pictured) told a judge on Wednesday, according to Reuters.
The company filed for bankruptcy in November and U.S. prosecutors accused Bankman-Freed of orchestrating an “epic” fraud that may have cost investors, customers and lenders billions of dollars. Lawyers and consultants overseeing the bankrupt company are now trying to recover funds to repay creditors.
“We identified over $5 billion in cash, liquid cryptocurrencies and investment securities,” Andy Dietderich, an attorney for FTX, told a bankruptcy court judge in Delaware, US, at the start of the hearing on Wednesday.
Dietderich also said the company plans to sell non-strategic investments, which had a book value of $4.6 billion, even though the company’s books have been deemed unreliable.
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