FTX says it recovers $5 billion in assets as the former crypto giant continues bankruptcy process

FTX’s bankruptcy is ongoing and the nature of what will happen with those $5 billion in assets, or any financial assets it recovers in the future, is unclear at this time.

MarketWatch’s Andy Keshner detailed what FTX account holders need to know amid the crypto company’s bankruptcy.

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Andy Dietderich, an attorney for FTX, said the true amount of customer money that FTX lost is still not clear — the United States Commodities Futures Trading Commission has said that missing customer assets at FTX are valued at more than $8 billion, according to a Reuters report.

Dietderich went on to say the $5 billion does not include any assets seized by the Securities Commission of the Bahamas, which were valued at $3.5 billion at the time of transfer.

Representatives for FTX did not respond to MarketWatch’s request for comment on this story.

FTX was once valued at $32 billion, but filed for bankruptcy last November after struggling with liquidity issues. Sam Bankman-Fried said he “fucked up, and should have done better,” and eventually resigned as CEO.

The man known as “SBF” was arrested last month and is now facing criminal fraud charges in the United States — SBF was released on a $250 million bail and awaits trial for his charges.

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The news from FTX comes as cryptocurrency has continued a downtrend from its 2021 highs.

Bitcoin’s
BTCUSD,
+0.47%
price is down over 60% over the past year, and the price for ether 
ETHUSD,
+0.26%
is also down over 60% over the same period. The total market cap for all crypto nearly hit $3 trillion during parts of 2021, but is now around $800 billion.