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FTX Advisers Have Found $5 Billion Cash or Sellable Crypto

FTX Group advisers have found more than $5 billion in cash or crypto assets that it may be able to sell to help repay creditors, a lawyer for the company told the judge overseeing the biggest crypto bankruptcy.
Bloomberg
By Bloomberg
11 Jan
FTX Illustrations as Bankruptcy May Involve More Than a Million Creditors The FTX logo on a smartphone arranged in Barcelona, Spain, on Tuesday, Nov. 15, 2022. FTX Group named a slate of new independent directors to oversee the collapsed crypto empire and said its bankruptcy may involve more than a million creditors. Photographer: Angel Garcia/Bloomberg

The company is working to monetize assets with a book value of $4.6 billion, company attorney Andrew G. Dietderich said in federal court in Wilmington, Delaware on Wednesday. Advisers have also found a large amount of other crypto assets that are illiquid and therefore harder to sell, he said.

Advisers for the failed crypto exchange have been sorting through the wreckage left behind by its founder, Sam Bankman-Fried, since the company collapsed into bankruptcy in November. FTX’s books and records ranged from messy to non-existent prior to its implosion, its new chief executive officer has said.

FTX advisers have identified more than 9 million customer accounts, Dietderich said. The company doesn’t yet know how much money creditors will get back, or what percentage of their debts will be repaid, he said.

The bankruptcy is FTX Trading Ltd., 22-11068, US Bankruptcy Court for the District of Delaware.

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