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 Group advisers have found more than US$5 billion ($6.66 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.
The company is working to monetise assets with a book value of US$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.
