Crypto exchange FTX has more than $5 billion in cash and liquid cryptocurrencies and securities, an attorney for the beleaguered company confirmed on Wednesday.
The Sam Bankman-Fried-founded company filed for bankruptcy in November and U.S. prosecutors have accused Bankman-Fried of orchestrating fraudulent activity that may have cost investors, customers, and lenders billions of dollars. Attorneys and advisers overseeing the bankrupt company are now trying to recover funds to repay creditors.
“We have located over $5 billion of cash, liquid cryptocurrency, and liquid investment securities measured at petition date value. Our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token,” Andy Dietderich, an attorney for FTX, told a Delaware judge….