Assets worth $5 billion in cash and cryptocurrency seized from FTX
Source: FTX Stock Photo
Recent reports indicate that insolvency administrators have managed to secure around $5 billion in assets from the collapsed cryptocurrency exchange, FTX. This includes cash, various cryptocurrencies, and securities. Additionally, another $425 million are currently being held by Bahamian authorities.
Assets include cash, various cryptocurrencies, and securities
While it is still unclear how much customer funds are missing, the secured assets do provide some hope for compensation. Despite this, the crypto assets present a challenge as in some cases, they comprise a significant portion of the total supply of certain tokens, making their sale difficult without affecting the price.
Furthermore, some of the stolen funds may be invested in private jets, houses and political donations, making it hard to recover the funds to their original value.
FTX’s executives are reportedly expecting a “reorganization” of the company by April 2023, with a court-set March 15th as the preliminary date. At that point, it will be seen how many customers will be compensated.
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
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