FTX collapse : over $5 billion in assets already located
Crypto winter

FTX collapse : over $5 billion in assets already located

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…

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at Trendingcrypto.news magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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