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FTX Trading Ltd., the bankrupt company that previously operated a cryptocurrency exchange and crypto hedge fund, was revealed to have recovered about $7.3 billion worth of assets. It was the company’s lawyer who shared the information on Wednesday, April 12, during the firm’s recent bankruptcy court hearing.
FTX, which was co-founded by Sam Bankman-Fried and Gary Wang, filed for bankruptcy in November of last year. Since then, the crypto exchange and SBF have been inundated with legal cases.
In the latest development, Reuters reported that FTX’s lawyer, Andy Dietderich, told the court in Delaware during a hearing that the company is now starting to look into its future and figuring a way to get back on its feet again. He said that they are thinking about this after months of collecting resources and assessing to know what went wrong when Bankman-Fried was leading the company.
The recovered amount of more than $7.3 billion is a combination of crypto assets and cash. This was a big development in the recovery efforts, as the amount was only $800 million in January. "The situation has stabilized, and the dumpster fire is out," Dietderich stated.
CoinTelegraph reported that with the assets on hand, FTX may now be contemplating rebooting the company and start doing well in the future after correcting its past mistakes.
The hearing was held on Wednesday at the United States Bankruptcy Court for the District of Delaware, and FTX is being represented by the Sullivan & Cromwell law firm.
Meanwhile, the judge reportedly denied a motion to allow the court to prioritize refunding Sam “SBF” Bankman-Fried’s legal fees. This was declared at the same hearing but the judge said the former FTX chief could present evidence in the future regarding the said proposition.
“Frankly, I have zero evidence to establish cause here,” Judge John Dorsey stated. “Mr. Bankman-Fried did not put out any evidence whatsoever as to the balancing of the equities here, what harm is going to occur to him and I don’t know what other insurance policies he has access to or what other assets he has that would allow him to cover these costs and then recover them later under this policy.”
Photo by: Mariia Shalabaieva/Unsplash
