• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Cryptocurrency

At Least $5 Billion Worth Of Liquid Assets Have Been Recovered, FTX Says

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
January 11, 2023
in Cryptocurrency
Share on FacebookShare on Twitter

 

According to attorneys in Delaware bankruptcy court, the now-fallen cryptocurrency exchange FTX has recovered over $5 billion worth of liquid assets, including cash and digital assets. 

In November, FTX filed for Chapter 11 bankruptcy in the US after a failed acquisition by Binance. Binance noted that “In the beginning, our hope was to be able to support FTX’s customers to provide liquidity. But the issues are beyond our control or ability to help.”

The latest development follows the announcement of plans by federal prosecutors to seize at least $500 million worth of FTX-connected assets in line with the ongoing prosecution of the company’s co-founder Sam Bankman-Fried who resigned from his position of CEO as the exchange went bankrupt. 

For FTX customers who are currently being owed at least $8 billion worth of digital currencies after FTX collapsed in November last year, the recovery is good news! According to FTX’s attorney, AdamLandis told the court, the $5 billion that was recovered regards “any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token.” 

The collapse of FTX, which was one of the biggest players in the cryptocurrency space was linked to a failure to correctly mark illiquid assets to market. The company’s executives, Sam Bankman-Fried and Caroline Ellison, who is the CEO of affiliated Alameda Research, borrowed against the value of the FTX-issued native token, FTT. According to a CNBC report, “Alameda controlled the vast majority of FTT coins circulating, similar to a publicly traded companies float, and could not have liquidated their position at full book value.”

Prior to FTX’s collapse, the world’s biggest cryptocurrency exchange Binance had agreed to acquire the company but rescinded its decision about 24 hours after its initial decision. Binance’s CEO Chanpeng Zhao noted that he had initially agreed to step in after FTX’s Sam Bankman-Fried revealed the company’s situation.

Related Posts:

  • FTX Files For Bankruptcy As CEO Sam Bankman-Fried Resigns
    FTX Files For Bankruptcy As CEO Sam Bankman-Fried Resigns
  • BlockFi Is The Latest Crypto Business To File For Bankruptcy
    BlockFi Is The Latest Crypto Business To File For Bankruptcy
  • BlockFi (1)
    More Crypto Bad News As BlockFi Files For Bankruptcy
  • Binance Abandons Deal To Acquire FTX
    Binance Abandons Deal To Acquire FTX
  • binance-and-ftx-logos
    Binance Abandons Deal To Acquire FTX And Now FTX…
  • Crypto Lender Celsius Has Filed For Bankruptcy Following A Crash In Crypto Prices And Its Recent Pause On Withdrawals
    Crypto Lender Celsius Has Filed For Bankruptcy…
  • 221110100651-sam-bankman-fried-ftx-founder-0817-restricted
    Crypto Firm, FTX Files For Bankruptcy, AS CEO…
  • Crypto Exchange FTX Will Acquire The Assets of Bankrupt Crypto Lender Voyager
    Crypto Exchange FTX Will Acquire The Assets of…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: cryptocryptocurrencyftx
Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3 May 11, 2025
    • Google’s Antitrust Showdown, AI vs. Search, and other Headlines May 11, 2025
    • Huawei Officially Launches HarmonyOS for PC May 10, 2025
    • Canada Nears Launch of Instant Payment Technology May 10, 2025
    • Threads Adds Dashboard for Post & Account Limits May 10, 2025
    • Many X Users are Experiencing Timeline Update Issues May 10, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (577) artificial intelligence (419) business (482) china (132) cryptocurrency (210) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (710) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3

    May 11, 2025
    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    May 11, 2025
    Huawei Officially Launches HarmonyOS for PC

    Huawei Officially Launches HarmonyOS for PC

    May 10, 2025
    Canada Nears Launch of Instant Payment Technology

    Canada Nears Launch of Instant Payment Technology

    May 10, 2025
    Advertisement Coming to Threads from Next Year

    Threads Adds Dashboard for Post & Account Limits

    May 10, 2025
    Many X Users are Experiencing Timeline Update Issues

    Many X Users are Experiencing Timeline Update Issues

    May 10, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok