The sprawling see for FTX-related resources is yielding outcomes.
Key Takeaways
- The sleek FTX management has located over $5 billion in liquid resources.
- These embody cash, liquid cryptocurrencies, and liquid investment securities.
- The sum would now not embody the $425 million being held by the Securities Commission within the Bahamas, nor the $490 million recently seized by the Department of Justice from one among Sam Bankman-Fried’s holding companies.
Under John Ray, FTX has located over $5 billion of firm-related liquid resources—including cash, liquid cryptocurrencies, and liquid shares.
Discovering the Funds
The sleek management team at FTX has been laborious at work.
A licensed genuine representing the defunct crypto replace, Adam Landis, declared for the length of a listening to on the present time that FTX had recovered over $5 billion in diversified resources.
“We’ve located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date payment,” acknowledged Landis, who works as an licensed genuine at Sullivan & Cromwell. “[It] factual would now not ascribe any payment to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so tidy relative to the general provide that our positions can’t be supplied without severely affecting the marketplace for the token.”
In varied phrases, the $5 billion figure in all probability excludes Alameda Research’s positions in tokens such as SRM, FIDA, MAPS, and OXY. The trading agency had beforehand given these holdings excessive valuations in its stability sheet in spite of its inability to dump the tokens without causing their respective markets to shatter.
Besides the $5 billion in liquid resources recovered by FTX, $425 million is within the meanwhile being held by the Securities Commission of the Bahamas, and over $490 million used to be seized by the Department of Justice on Monday from one among Sam Bankman-Fried’s holding companies. The DOJ is moreover investigating the identification of the FTX hacker, who stole now not less than $372 million from the platform on November 12 because it used to be collapsing.
It remains to be unclear how great FTX in fact owes its creditors. The firm indicated in its initial financial extinguish filings that the outlet in its stability sheet used to be any place $1 billion and $10 billion.
Disclaimer: At the time of writing, the author of this allotment owned BTC, ETH, and several other varied crypto resources.
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