ftx: FTX has recovered over $5 bln in cash and securities, attorney says

Synopsis

The company filed for bankruptcy in November and U.S. prosecutors accused Bankman-Fried of orchestrating an “epic” fraud that may have cost investors, customers and lenders billions of dollars. Attorneys and advisers overseeing the bankrupt company are now trying to recover funds to repay creditors

ftx: FTX has recovered over $5 bln in cash and securities, attorney says 0 IANSHINDICrypto exchange FTX has recovered more than $5 billion in cash and liquid cryptocurrencies and securities, an attorney for the bankrupt company founded by Sam Bankman-Fried told a judge on Wednesday.

The company filed for bankruptcy in November and U.S. prosecutors accused Bankman-Fried of orchestrating an “epic” fraud that may have cost investors, customers and lenders billions of dollars. Attorneys and advisers overseeing the bankrupt company are now trying to recover funds to repay creditors.

“We have located over $5 billion of cash, liquid cryptocurrency and liquid investments securities,” Andy Dietderich, an attorney for FTX, told a U.S. bankruptcy judge in Delaware at the start of Wednesday’s hearing.

Dietderich also said that the company plans to sell non-strategic investments that had a book value of $4.6 billion, although the company’s books have been described as unreliable

ftx: FTX has recovered over $5 bln in cash and securities, attorney says 2 Wednesday, 11 Jan, 2023Experience Your Economic Times Newspaper, The Digital Way!Read Complete Print Edition »

Front Page
Pure Politics
Brands & Companies
ET Markets
More

Bank, IT Stocks Drag Key Indices Down 1%; Nifty Slips Below 18k

Two of India’s key indices retreated Tuesday, wiping out blockbuster gains of the previous session, dragged down by a selloff in financials and IT stocks.

Offline Shopping, Dining Out Lose Steam in Nov-Dec

Shopping at brick-and-mortar stores and eating out slowed down in November and December sequentially as demand eased after a strong festive season, analysts and executives said.

Carlyle Buys VLCC in Likely $300m Deal

Private equity group Carlyle acquired wellness, beauty products and services company VLCC Healthcare Ltd, marking an entry into a rapidly growing sector where direct-to-consumer (D2C) brands have mushroomed.

Source