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FTX: Collapsed crypto giant recovers over $5bn of assets

A lawyer for the defunct cryptocurrency exchange FTX believes that more than $5 billion (£4.1 billion) in assets have been located.Information Guide Nigeria

However, a US bankruptcy court was told on Wednesday that the extent of losses to customers is still not known.

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Former FTX CEO Sam Bankman-Fried is charged by prosecutors of perpetrating a “epic” fraud that may have cost investors, customers, and lenders billions of dollars.

Mr. Bankman-Fried has pled not guilty to investment fraud accusations.

“We have located over 5 billion dollars of cash, liquid cryptocurrency and liquid investment securities,” Andy Dietderich, an attorney for FTX, told US Bankruptcy Judge John Dorsey in Delaware.

Mr. Dietderich stated that the recovered money do not include assets confiscated by the Securities Commission of the Bahamas, where FTX was headquartered and Mr. Bankman-Fried was arrested.JAMB portal

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The majority of FTX’s clients and investors who are in jeopardy have not been identified in the proceedings.

However, court documents include American football player Tom Brady, his ex-wife Gisele Bündchen, and New England Patriots owner Robert Kraft.

The 30-year-old was caught in the Bahamas in December and extradited to the United States. He is accused of committing “one of the largest financial frauds in the history of the United States.”

On 11 November, FTX, which was valued at $32 billion a year ago, filed for bankruptcy protection. It is estimated that $8 billion in client cash were gone.

Mr. Bankman-Fried is accused by US federal authorities of misappropriating FTX customers’ assets to settle debts at his cryptocurrency trading firm Alameda Research and make other transactions.NYSC portal

In December, eight criminal charges, including wire fraud, money laundering, and campaign finance offences, were announced by prosecutors. Additionally, financial regulators have filed claims against Mr. Bankman-Fried.

Gary Wang, the co-founder of FTX, and Caroline Ellison, the former CEO of Alameda, have also been accused for their alleged roles in the collapse of the company. Authorities stated that both parties were assisting with the inquiry.

Late in December, Mr. Bankman-Fried was freed on $250 million bond with the condition that he not leave his parents’ California home.

In an interview with BBC News before his arrest, he said: “I didn’t knowingly commit fraud. I don’t think I committed fraud. I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was.”JAMB Result

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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