Failed crypto exchange FTX has recovered more than $5 billion in assets after initially claiming it could only find $1 billion in the wake of its collapse last year. A US bankruptcy court heard that the company, which was valued at $32 billion a year ago, is still trying to figure out how much is owed to customers. The US Commodities Futures Trading Commission has estimated missing customer funds at more than $8 billion. “We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities,” FTX lawyer Adam Landis told US Bankruptcy Judge John Dorsey in Delaware during Wednesday’s hearing. “[It] just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token.” Prosecutors have accused founder and former CEO Sam Bankman-Fried of orchestrating an “epic” fraud that may have cost investors, customers and lenders billions of dollars.
