The rumored $425 million held by Bahamian officials was not included in this sum. The FTX scandal is the biggest in the history of the cryptocurrency industry. Reports from prosecutors indicate that FTX has received up to $5 billion in cash and cryptocurrency. As a result, this discovery has a significant impact on the amount of assets that can be recovered after the company filed for initial financing in November last year.
Rumors of $425 million being held by Bahamian officials are not included in this sum. On the other hand, this is good news for those who will benefit from the ultimate recovery of bankruptcy assets.
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The FTX Bankruptcy System Is Corrupting
The FTX scandal is the biggest in the history of the cryptocurrency industry. In 2022, the cryptocurrency exchange platform has established itself as one of the industry leaders. This was before the crackdown when fraudulent practices were discovered within the company.
The printing process itself is devastating. And the involvement of former CEO Sam Bankman-Fried in his own legal battle didn’t help matters. The US arm of the company and the authorities in the Bahamas are not well, and it is not known when, if ever, the customer’s money will be recovered. Regarding the latter, it seems that we can finally clarify.
According to the company’s lawyers, who testified in bankruptcy court today, FTX has received more than $5 billion in cryptocurrency. Attorney Adam Landis addressed the findings on behalf of FTX. It is said that “we found more than $5 billion in cash, liquid cryptocurrency and liquid real estate measured at the value of the day of the request.”
Landis added: “[it] only puts no value in holdings of many illiquid cryptocurrency tokens, since our holdings are so large relative to the total supply that our position cannot be sold without affecting the market. token.”