Andy Dietderich News

Failed crypto exchange FTX is seeking creditors vote on a liquidation plan, to wind-down payments in order to compensate customers.

FTX has recovered over $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, the company's attorney said on Wednesday at a U.S. bankruptcy court hearing in Delaware. FTX attorney Andy Dietderich said the company is starting to think about its future after months of effort devoted to collecting resources and figuring out what went wrong under the leadership of indicted ex-founder Sam Bankman-Fried. Bankman-Fried has pleaded not guilty. «The situation has stabilized, and the dumpster fire is out,» Dietderich said. FTX has benefited from a recent rise in crypto prices, Dietderich said. Its total recovery would be valued at $6.2 billion based on crypto prices from November 2022, when it filed for bankruptcy after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

Bankrupt crypto exchange FTX has recovered approximately $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, according to the company’s counsel at a bankruptcy court hearing in Delaware.

FTX is considering rebooting its platform amid reports that the bankruptcy team has managed to stabilize the situation and recover a huge portion of the missing assets.

Amid multiple ongoing investigations, FTX continues to move funds. Addresses related to the failed crypto exchange reportedly transferred around $145 million in stablecoins to various platforms. 

Remember when Sam Bankman-Fried admitted to being a significant donor to the Democratic and Republican parties? Well, the recipients of the tainted money have been formally requested to return the funds to FTX’s creditors. So far, we know of three prominent Democratic groups — the DNC, the Democratic Senatorial Campaign Committee and the Democratic Congressional Campaign Committee — that have returned SBF-linked donations in December 2022. Will the rest follow? 

FTX's new management is seeking to recover political donations made by Sam Bankman-Fried and other FTX executives until February 28, according to a statement disclosed on Feb. 5. 

STEPN's bull run continues as the price of GMT tokens has just gone up 8% to $0.471 in the last 24 hours. This marks another significant milestone for the digital currency, which has seen its value increase exponentially in recent months. 

The judge in charge of overseeing the FTX bankruptcy proceedings has given the embattled crypto exchange the approval to sell some of its assets to aid its efforts in repaying its creditors. 

Bitcoin (BTC) price has gained 15% in the past 13 days, and during this timeframe, traders’ bearish bets in BTC futures were liquidated in excess of $530 million compared to bulls.

Crypto exchange FTX has recovered more than $5 billion but the extent of customer losses in its collapse is still unknown, an attorney for the bankrupt company founded by Sam Bankman-Fried said on Wednesday.

According to FTX attorney Andy Dietderich, the troubled cryptocurrency exchange has "recovered $5 billion in cash and liquid cryptocurrencies." However, the exchange is still "working to rebuild transaction history," and the total amount of customer shortfall is "still unclear." Speaking to a U.S. bankruptcy judge in Delaware on Wednesday, Dietderich also stated that the company plans to sell $4.6 billion worth of non-strategic investment.