How much does FTX owe its clients? So far the sum is uncertain. However, a lawyer representing the company founded by Sam Bankman-Fried told a judge that the company had managed to recover $5 billion worth of liquid assets.
“We have located more than $5 billion in cash, liquid cryptocurrencies and liquid investment securities,” Adam Landis, an attorney for FTX, told bankruptcy judge John Dorsey in Delaware, United States.
However, this amount of US money does not include crypto assets in the custody of the Bahamas Securities and Exchange Commission, where the company was headquartered. These assets are highly volatile and have an estimated value of $170 million.
In addition, they also do not include a part of the cryptocurrencies that do not have liquidity. Landis explains that crypto asset holdings are so large that selling some of them would have a huge impact on their market value.
“It (simply) does not attribute any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to total supply that our positions cannot be sold without materially affecting the token market,” the token said. attorney.
The cryptocurrency exchange firm could raise additional funds in the following months with the aim of benefiting affected clients. This will be possible after the judge approves your request to explore affiliate sales.
Although FTX representatives said they are not committed to selling any of their affiliated companies, they also explained that they have received dozens of unsolicited offers and plan to hold auctions starting next month.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.