Under New Leadership, FTX Recoups $7 Billion Amid Recovery Efforts
The new leadership team at FTX has recouped approximately $7 billion in liquid assets as the exchange continues recovery efforts.
The company has revealed that it has made “substantial progress” in securing assets, recovering as much as $7 billion in liquid assets so far.
The exchange owed customers approximately $8.7 billion when it went bankrupt last year, according to a second report by the company's debtors released Monday.
More specifically, FTX had $6.4 billion in deficit, which was in the form of fiat currency and stablecoin that had been misappropriated, the report said.
The announcement comes as the company has been seeking to retrieve every bit of money it can.
Last week, FTX filed a complaint in Wilmington, Delaware, bankruptcy court, asking back the $700 million its founder Sam Bankman-Fried transferred to K5 entities in 2022.
The exchange claimed that Bankman-Fried was a "profligate patron" who sent millions to K5 Global as well as affiliated entities and K5 Global co-owners Michael Kives and Bryan Baum after he attended a social event hosted by Kives in 2022.
FTX has sought the return of funds, describing the transfers as being carried out “without receiving equivalent value” and, more importantly, avoidable, meaning that they can be reversed under the Bankruptcy Code or other laws.
In another bid to raise funds for users, bankers of FTX are looking to offload their stake in AI startup Anthropic.
Perella Weinberg, the boutique bank overseeing FTX's bankruptcy proceedings, is reportedly discussing the potential sale of Anthropic's stake with interested parties.
Meanwhile, the bankrupt crypto exchange is facing escalating legal and advisory costs.
According to filings submitted by the exchange’s bankruptcy advisors,
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