FTX may recover $5bn of consumer funds

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Updated January 12, 2023 | Published January 12, 2023

2 mins read

The exchange’s attorney told a US bankruptcy court that it had located some of the missing funds.

Beleaguered cryptocurrency exchange FTX may be able to right some of its wrongs after an attorney for the firm confirmed that it has been able to locate about $5bn of missing consumer assets.

However, the exact losses incurred by consumers remain unknown, the exchange told a US bankruptcy court.

The man blamed for the meltdown is the company’s former chief executive, Sam Bankman-Fried, who is largely seen as the mastermind of an “epic fraud”.

Andy Dietderich, the attorney for FTX, told US bankruptcy Judge John Dorsey in Delaware that FTX is actively looking to restore the missing funds.

According to the BBC, the recovered funds do not include assets that the Securities Commission of the Bahamas was able to seize as part of Bankman-Fried’s arrest.

Most customers and investors have not been named in the proceedings so far, but Tom Brady and his ex-wife, Giselle Bündchen, along with New England Patriots owner Robert Kraft have come up in court filings.

This is the first positive sign since FTX collapsed suddenly after a heated exchange with Binance.

Bankman-Fried also faces allegations by former associates, including FTX’s co-founder Gary Wang and Caroline Ellison, the former Alameda Research boss.

Both are collaborating with the authorities in an attempt to get a reduced sentence and prove to the world that Bankman-Fried was to blame.

Meanwhile, FTX has been trying to distance itself from the troubled former boss and co-founder.

The company said that it was angry and deeply disappointed with the way the funds were managed and their true purpose of use obscured from other executives in the company. The case is ongoing.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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