February 27, 2024

Interim administration of FTX reported on the results of work to identify the assets of the exchange

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Interim administration of FTX reported on the results of work to identify the assets of the exchange

At the event, the head of FTX provided participants with an update on the results and efforts being made by the interim administration to return the assets of the exchange.

FTX CEO and Chief Specialiston the FTX Debtors restructuring, John Ray met with members and advisors of the Unsecured Creditors Committee (UCC). He said that to date the working group has identified a total of about $5.5 billion in liquid assets, including $1.7 billion in cash, $3.5 billion in crypto assets and $300 million in securities.

“We have made significant progress, butIt took a Herculean effort for our team to uncover this information. We ask interested parties to note that the information is preliminary and subject to change,” Ray said.

He noted that the results obtainedconfirmed his fears about a significant shortage of digital assets on the FTX and FTX.US exchanges on the eve of filing for bankruptcy. The head of the working group said that since the bankruptcy, crypto assets totaling about $400 million have been stolen from the accounts of FTX and FTX.US. Now his team is investigating the circumstances and identifying participants in illegal transactions.

Previously, the bankruptcy court approvedsale of four companies that belonged to the FTX cryptocurrency exchange. LedgerX, Embed, FTX Europe and FTX Japan will be sold to investors. According to Japanese media reports, online broker Monex announced its intention to acquire FTX Japan.