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FTX Has Recovered ‘Over $5B’ in Assets, Bankruptcy Attorney Says

Crypto exchange FTX has recovered more than $5 billion in different assets, not including another $425 million in crypto held by the Securities Commission of the Bahamas, a bankruptcy attorney said during a hearing Wednesday.

There’s still a sum missing in what is owed to customers and the amount is still unclear, the attorney said.

“We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. [It] just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token,” said Landis Rath & Cobb attorney Adam Landis on FTX’s behalf.

The 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 Dec. 20, 2022. The total amount FTX owes its creditors is still unclear. In initial bankruptcy filings, the company’s management checked off the box indicating a figure between $1 billion and $10 billion.

Sam Bankman-Fried instructed his lieutenant, Gary Wang, to create a “backdoor” for Alameda to borrow from

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Revealing FTX Customer Names Would Hurt ‘Potential Reboot’, Bankruptcy Lawyer Says

Releasing the names of bankrupt crypto exchange FTX’s 9 million customers could harm a “potential reboot” of the company, attorneys for the creditors committee argued on Wednesday.

It’s the latest development in an ongoing dispute over whether the names of FTX’s creditors ought to be made available to the public. Beyond privacy concerns, lawyers for the creditors committee are now arguing that revealing those names could further harm the value of the company, and therefore harm creditors.

“There were an awful lot of retail investors here and so there is inherent value within those lists and that’s uncontroverted—I think everyone agrees with that,” Paul Hastings partner Kris Hansen, an attorney representing the creditors committee, said during a court hearing in Delaware.

“So in balancing that, we looked at it and said we’ve got two major tasks here,” said Hansen. “One is to assess the value associated with these assets from a sale perspective and to assess the value associated with these assets for a potential reboot is how we’ve been referring to it on our side. The reboot is complicated,” he said.

Hastings’s referral to the “value” of the list has to do with one of the arguments being

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