According to a counsel representing FTX, the assets of the defunct cryptocurrency exchange of over $5 billion (£4.1 billion) is recovered.
Prosecutors have charged FTX’s former CEO Sam Bankman-Fried with instigating an “epic” scam that might have cost investors, consumers, and lenders billions of dollars.
Attorney stated that the recovered funds do not include assets confiscated by the Securities Commission of the Bahamas, where FTX was registered and where Bankman-Fried was staying at the time of his arrest.
The formerly $32 billion company FTX filed for bankruptcy on November 11. An estimated $8 billion in client funds went missing.