FTX Discovers Over $5B in Assets Amid Bankruptcy Proceedings

• FTX has located over $5 billion in cash, liquid cryptocurrency, and liquid investment securities.
• The Securities Commission of the Bahamas is holding $450 million in cryptocurrencies.
• FTX has also discovered illiquid cryptocurrency tokens which they are unable to offload without affecting their value.

FTX, a cryptocurrency exchange, has reportedly located over $5 billion in assets. According to a bankruptcy attorney, FTX has managed to locate over $5 billion of cash, liquid cryptocurrency, and liquid investment securities. This number does not include the $450 million in cryptocurrencies that are currently held by the Securities Commission of the Bahamas. In addition to this, FTX has also discovered illiquid cryptocurrency tokens which they are unable to offload without affecting their value.

This news comes after FTX filed for bankruptcy earlier this year and has since been attempting to identify and secure its assets. The exchange has been working closely with a bankruptcy attorney to identify and secure the assets. In a recent hearing, the attorney revealed that FTX has managed to locate over $5 billion of assets.

The news of FTX locating its assets has been welcomed by many in the cryptocurrency community, as it signals a potential return to business for the exchange. While the exact timeline of FTX’s return is still unknown, it is clear that the exchange is making progress with its bankruptcy proceedings.

It is important to note that while FTX has located over $5 billion in assets, the exchange is still in the process of identifying, securing, and liquidating its assets. Until the process is completed, it is unsure what the final outcome of the bankruptcy proceedings will be. Nonetheless, this news is a positive step forward for FTX and its customers.