FTX has regained $5 billion in illiquid assets

FTX has regained $5 billion in illiquid assets

62
Author: Robert Strickland
Subscribe
FTX has recovered more than $5 billion in various assets, bankruptcy attorney Adam Landis said at a January 11 court hearing, CoinDesk reported. He also noted that in addition to those assets, the Bahamas Securities Commission also held another $425 million in cryptocurrency from the crypto exchange's funds.

FTX has regained $5 billion in illiquid assets
The cryptocurrency exchange's token rate rose 16% in half an hour

"We found over $5 billion in cash, liquid cryptocurrency and liquid investment securities valued at the date of filing. This amount does not include dozens more illiquid cryptocurrency tokens, of which we ended up with so many that our positions cannot be sold without significantly impacting the market," Landis' attorney said on behalf of FTX.

According to Reuters, FTX attorney Andy Ditderich confirmed the $5 billion in liquid assets the exchange had recovered in court.

The lawyer did not specify what liquid assets meant, but after the FTX bankruptcy filing it became known that the exchange had only $900 million of liquid assets. Also, its balance sheet showed $5.5 billion in "less liquid" assets and $3.2 billion in "illiquid" assets.

The list of liquid assets included Robinhood stock (which authorities had already confiscated), U.S. dollars, stablecoins, yen, and several other currencies, as well as DOT tokens. FTT, SRM and SOL tokens were listed among the "less liquid" ones.

After the lawyer's announcement, the price of the native cryptocurrency FTX (FTT) began to rise sharply. Within half an hour, the price of the token rose 16% from $1.20 to $1.40, according to CoinGecko. As of 5:40 p.m., it is trading at around $1.39.

 

 -Coinbase laid off almost a thousand more employees

-Tokocrypto and WazirX token exchange rates soar after news of Binance's plans

-Objections to the sale of FTX assets have been filed with a court in the U.S.

-Ferrari's Formula One team cuts deal with cryptocurrency sponsor

-"Pass the resistance." What will happen to bitcoin in the coming week

Other news

Chapter Hut 8 CEO Discusses Banks' Interest in Buying Bitcoin from Miners
Expect volatility. What will happen to Bitcoin in the coming week?
The head of BlackRock has stated about the potential of Bitcoin
Withdrawals from the Bitcoin ETF amounted to $800 million. What does this mean for the market?
Coinbase predicts a slowdown in Bitcoin price growth
Adoption Stage: How BlackRock's CEO Embraced Bitcoin
Trustpilot