A bankruptcy lawyer told the court today that it has recovered more than $5 billion in cash, "liquid cryptocurrency" and other investment securities.
A bankruptcy lawyer told the court today that it has recovered more than $5 billion in cash, “liquid cryptocurrency” and other investment securities. That doesn’t include the roughly $400 billion in crypto held by the Securities Commission of the Bahamas.
In addition, the holdings don’t “ascribe 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,” said Sullivan & Cromwell attorney Adam Landis on FTX’s behalf.
Previously, lawyers had said they had only recovered $1 billion.
The news points to better recoveries for clients, and certainly for creditors.
Bitcoin is down $80 to $17395 today.
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