Crypto

$5.5 Billion Liquid Assets of FTX Detected

Cryptocurrency exchange FTX, 5.5 billion dollars of liquid assets have been detected.

Cryptocurrency exchange FTX, 5.5 billion dollars of liquid assets have been detected.

The CEO of the exchange, John Ray, described the client’s effort as a “Herculean effort”.

FTX Assets Reveal

The firm said in a statement that customers identified $1.7 billion in cash, $3.5 billion in crypto assets and $3 million in securities. The company filed for bankruptcy protection in November and says it may owe $3.1 billion to its 50 largest creditors.

FTX’s senior management and advisors met with the creditors committee to share a presentation on the asset recovery process. The $5.5 billion in assets found is slightly higher than the $5 billion that the company’s lawyers gave the bankruptcy judge.

Clients also revealed that both FTX.com and FTX US had digital asset vulnerabilities. Customers identified $1.6 billion in digital assets associated with FTX.com. $323 million of these assets were subject to transfers from third parties after filing for bankruptcy, and another $426 million is in the custody of the Bahamas regulator.

SBF recently reiterated its claim that FTX US is fully capable of paying its customers.