The investigation into the FTX exchange platform has already located more than $5 billion in assets including cash and cryptocurrencies.
Adam Landis, an attorney with Landis Rath & Cobb, which represents FTX explained:
We have located more than $5 billion in cash, liquid crypto and liquid investment securities measured at petition date value. We attribute no value to the holdings of dozens of illiquid crypto tokens, where our holdings are so large relative to the total that our positions cannot be sold without significantly affecting the token market.
The lawyer also says that this $5 billion sum does not include an additional $425 million in cryptocurrencies held by Bahamian authorities.
Investigations are continuing to track down additional funds belonging to FTX clients that were used to purchase real estate or for political donations, among other things.
We know what Alameda did with the money. She bought planes, houses, threw parties, made political donations. It has made personal loans to its founders. It sponsored the FTX Arena in Miami, a Formula 1 team, League of Legends, Coachella and many other businesses, events and personalities, added attorney Adam Landis.
If the location of $5 billion is good news for those in charge of restructuring FTX, this amount is still far from the debts of FTX that could ultimately amount to around $10 billion.
To be continued…