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FTX recovers $5 billion in liquid assets
FTX recovers $5 billion in liquid assets
Cryptocurrency exchange FTX has recovered more than $5 billion in liquid assets, including cash and digital assets, lawyers in a Delaware court said during an FTX bankruptcy hearing Wednesday.
The news comes after federal prosecutors announced plans to seize at least $500 million in FTX-related assets in connection with their ongoing prosecution of platform co-founder Sam Bankman Fried.
The recovery of the platform will be a huge positive for clients considering that there were at least $8 billion in lost assets following the collapse of the cryptocurrency platform last November.
The collapse of FTX was related, among other things, to the failure to correctly identify illiquid assets in the market.
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