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.
