An attorney for the bankrupt company founded by Sam Bankman-Fried stated on Wednesday that the crypto exchange FTX has recovered more than $5 billion in assets.
However, the exchange is still “working to rebuild transaction history,” according to FTX attorney Andy Dietderich, and the overall amount of consumer shortfall is “still unclear.”
FTX draws plans to recover lost assets
On Jan. 11, Dietderich told a U.S. bankruptcy judge in Delaware that the company planned to sell $4.6 billion in non-strategic investments, including companies such as LedgerX, Embed, FTX Japan, and FTX Europe.
The businesses have separate accounts and are unrelated to FTX. In addition, FTX will no longer sponsor the well-known multiplayer online combat arena game League of Legends from 2021 to 2028.
The Securities Commission of the Bahamas-seized assets, which mostly consist of the exchange’s native token, FTX Token (FTT), with a total market capitalization of $444.7 million at the time of publication, are not counted among the recovered assets.
Bankman-Fried, 30, was accused in Manhattan federal court last month on two counts of wire fraud and six conspiracy counts for allegedly diverting client deposits to settle debts from his hedge fund, Alameda Research, and lying to equity investors about FTX’s financial health.
He has entered a not-guilty plea.