Bankrupted FTX Has Recovered $7.3-B In Assets

Bankrupt crypto exchange FTX has recovered more than $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, the company's attorney said at a US bankruptcy court hearing in Delaware, Dietrich Knauth reported for Reuters.

Photo Insert: FTX attorney Andy Dietderich said the company is starting to think about its future after months of effort devoted to collecting resources and figuring out what went wrong under the leadership of indicted ex-founder Sam Bankman-Fried.

FTX attorney Andy Dietderich said the company is starting to think about its future after months of effort devoted to collecting resources and figuring out what went wrong under the leadership of indicted ex-founder Sam Bankman-Fried.

Bankman-Fried has pleaded not guilty.

"The situation has stabilized, and the dumpster fire is out," Dietderich said.

FTX has benefited from a recent rise in crypto prices, Dietderich said. Its total recovery would be valued at $6.2 billion based on crypto prices from November 2022, when it filed for bankruptcy after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

FTX's new CEO John Ray has detailed improper fund transfers and poor accounting at the collapsed crypto exchange, describing it as a "complete failure" of controls.

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