FTX has recovered $5 billion worth of liquid assets, including cash and digital assets. Delaware bankruptcy court attorneys said Wednesday during an bankruptcy hearing.
The news comes after federal. Prosecutors announced plans to seize at least $500 million worth of . -linked assets as part of. The ongoing trial of co-founder Sam Bankman-Fried.
The $5 billion figure does not include any illiquid cryptocurrency assets. attorney Adam Landis told the court. He said the company’s holdings were so large . That selling them would affect the market. Reducing their value.
FTX’s decline was related to, among other things. A failure to identify liquid assets in the market. executives, including Bankman-Fried and . Alameda Research CEO Carolyn Ellison, borrowed against. The value of the -issued token FTT. Alameda controlled. The majority of FTT coins, like the float of a traded company. And could not divest their positions at full book value.