Breaking news: FTX says it has recovered more than $5 billion worth of cash and crypto assets it may be able to sell to help repay customers and investors, an attorney for the company told a Delaware bankruptcy court on Wednesday.
Company advisers have also identified a significant amount of crypto that it will be more difficult to sell without depressing the market price of those digital tokens, FTX attorney Andrew Dietderich said.
It is not yet clear how much of a shortfall FTX’s creditors will face as company advisers continue working to salvage what they can from the crypto giant’s in November. But the company, once one of the world’s largest cryptocurrency exchanges, has identified more than 9 million customer accounts, Dietderich said, suggesting there will be an incredibly long line of people looking to be made whole.
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