Ftx restructuring team has been hard at work recovering more than $5 billion in cash, liquid cryptocurrency, and liquid investments in securities. assets recovered also include “dozens of illiquid cryptocurrency tokens.” alameda research, ftx’s trading desk, held billions worth of ftx’s exchange token ftt on its books against billions in liabilities. ftx filed for bankruptcy on november 11, and sam bankman-fried resigned as ceo.
Filing for bankruptcy occurred in delaware, and the u.s. bankruptcy judge john dorsey received a letter from four u.s. senators. ftx’s legal team will continue to try to claw back funds for eventual disbursement to customers. adam landis, ftx’s lead attorney, made statements at the court hearing in delaware.
Does not know how much money it has, but estimated it could recover $1 billion worth of the company’s assets. the total owed is still unclear, and estimates have been as high as $10 billion. ftx’s holdings are so large relative to the total supply that their positions cannot be sold without substantially affecting the market for the token. ftx is undergoing a process to determine the value of positions on november 11 “for every customer.” judge dorsey called the letter he received from four u.s. senators “an inappropriate ex parte communication.” the cause of the bankruptcy is still unclear, but the restructuring team is doing their best to recover funds for customers.