Crypto exchange FTX has recovered more than $5bn in liquid assets but the extent of customer losses in the collapse of the company founded by Sam Bankman-Fried is still unknown, a lawyer for the company has told a United States bankruptcy court.
The company, which was valued a year ago at $32bn, filed for bankruptcy protection in November and US prosecutors accused Bankman-Fried of orchestrating an “epic” fraud that may have cost investors, customers and lenders billions of dollars.
“We have located over $5bn of cash, liquid cryptocurrency and liquid investment securities,” Andy Dietderich, a lawyer for FTX, told US bankruptcy Judge John Dorsey in Delaware at the start of Wednesday’s hearing.
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