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FTX has recovered more than US$5 billion in cash and securities, attorney says

FTX has recovered more than US$5 billion in cash and securities, attorney says

Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, arrives on the day of a hearing at Manhattan federal court in New York City, US on Jan 3, 2023. (File photo: Reuters/David Dee Delgado)

Crypto exchange FTX has recovered more than US$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 (Jan 11).

The company filed for bankruptcy in November and United States 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 US$5 billion of cash, liquid cryptocurrency and liquid investments securities," Andy Dietderich, an attorney for FTX, told a US 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 US$4.6 billion, although the company's books have been described as unreliable.

Source: Reuters/rc

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