Sam Bankman-Fried’s Lawyers Say $5,000,000,000 in Assets Now Recovered From Collapsed Crypto Exchange: Report

Sam Bankman-Fried’s attorneys are revealing that billions of {dollars} price of liquid belongings has been recovered from bankrupt crypto change FTX.

In response to a brand new report by CNBC, attorneys representing the disgraced former CEO have informed a decide that $5 billion in money, digital belongings, and different securities have been recovered from FTX.

Legal professional Adam Landis informed the court docket that the $5 billion price of recovered belongings don’t embody any illiquid digital currencies, including that FTX’s holdings are so giant that promoting them would drive down the costs of crypto belongings.

The report says that one of many causes FTX disintegrated was as a result of Bankman-Fried and then-CEO of Alameda Analysis Caroline Ellison would borrow in opposition to the worth of FTT, the native asset of FTX, whereas controlling most of its provide in circulation, making a situation the place they wouldn’t be capable to liquidate their place at full e-book worth.

FTX’s new chief government, John R. Jay of Enron fame, who took the helm from Bankman-Fried late final yr, beforehand stated that no less than $8 billion price of consumer belongings have been unaccounted for in one of many worst instances of company management he’s ever witnessed, in accordance with the report.

FTX disintegrated in November 2022 after its native asset collapsed and it was compelled to halt buyer withdrawals. Bankman-Fried is accused of defrauding buyers and mishandling consumer funds and is going through over 100 years in jail if convicted.

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