{"id":78289,"date":"2023-01-12T05:11:03","date_gmt":"2023-01-12T05:11:03","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/01\/12\/ftx-collapsed-cryptocurrency-giant-recovers-5bn-of-assets\/"},"modified":"2023-01-12T05:11:03","modified_gmt":"2023-01-12T05:11:03","slug":"ftx-collapsed-cryptocurrency-giant-recovers-5bn-of-assets","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/01\/12\/ftx-collapsed-cryptocurrency-giant-recovers-5bn-of-assets\/","title":{"rendered":"FTX: Collapsed cryptocurrency giant recovers $5bn of assets"},"content":{"rendered":"
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Collapsed cryptocurrency exchange FTX has located more than $5 billion (\u00a34.1 billion) worth of assets, a lawyer for the firm says.<\/b><\/p>\n<\/div>\n

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However, a US bankruptcy court was informed on Wednesday that the amount of losses for customers was not yet known.<\/p>\n<\/div>\n

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Prosecutors have accused former FTX chief executive Sam Bankman-Fried of orchestrating an “epic” scam that could have cost investors, customers and lenders billions of dollars.<\/p>\n<\/div>\n

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Mr Bankman-Fried has pleaded not guilty to defrauding investors. <\/p>\n<\/div>\n

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\u201cWe found over $5 billion in cash, liquid cryptocurrency and liquid investments,\u201d Andy Dietderich, an attorney for FTX, told US Bankruptcy Judge John Dorsey in Delaware.<\/p>\n<\/div>\n

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  • British investor reported losing \u00a31m in FTX collapse<\/li>\n
  • FTX founder pleads not guilty to fraud<\/li>\n
  • FTX founder released on $250m bail to parents <\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    Mr. Dietderich said the recovered funds do not include assets seized by the Securities Commission of the Bahamas, where FTX was based and where Mr. Bankman-Fried lived at the time of his arrest.<\/p>\n<\/div>\n

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    In December, the 30-year-old was arrested in the Bahamas and extradited to the United States. He is accused of “one of the largest financial frauds in US history”.<\/p>\n<\/div>\n

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    FTX, which was valued at $32 billion a year ago, filed for bankruptcy protection on Nov. 11. It is estimated that $8 billion in customer funds were missing.<\/p>\n<\/div>\n

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    US federal prosecutors have accused Mr. Bankman-Fried of diverting funds from FTX clients to pay down debts at his cryptocurrency trading firm Alameda Research and make other investments.<\/p>\n<\/div>\n

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    In December, prosecutors announced eight charges, including wire fraud, money laundering and campaign finance violations. Financial regulators have also filed lawsuits against Mr. Bankman-Fried.<\/p>\n<\/div>\n

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    FTX co-founder Gary Wang and Caroline Ellison, the former head of Alameda, have also been charged for their alleged role in the company’s collapse. Authorities said they would both cooperate with the investigation.<\/p>\n<\/div>\n

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    In late December, Mr. Bankman-Fried was released on $250 million bail on the condition that he stays at his parents’ home in California.<\/p>\n<\/div>\n

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    In an interview with BBC News before his arrest, he said: “I did not knowingly commit any fraud. I don’t think I committed fraud. I didn’t want something like that to happen. I certainly wasn’t nearly as competent as I thought I was.”<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Collapsed cryptocurrency exchange FTX has located more than $5 billion (\u00a34.1 billion) worth of assets, a lawyer for the firm says. However, a US bankruptcy court was informed on Wednesday that the amount of losses for customers was not yet known. Prosecutors have accused former FTX chief executive Sam Bankman-Fried of orchestrating an “epic” scam […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-78289","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nFTX: Collapsed cryptocurrency giant recovers $5bn of assets - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2023\/01\/12\/ftx-collapsed-cryptocurrency-giant-recovers-5bn-of-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX: Collapsed cryptocurrency giant recovers $5bn of assets\" \/>\n<meta property=\"og:description\" content=\"Collapsed cryptocurrency exchange FTX has located more than $5 billion (\u00a34.1 billion) worth of assets, a lawyer for the firm says. 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