The troubled cryptocurrency exchange FTX is said to have “recovered $5 billion in cash and liquid cryptocurrencies,” as stated by an attorney who is familiar with the situation. Despite this, the exchange is “working to rebuild transaction history”. This comes excluding the additional $425 million worth of cryptocurrency that is being held by the Securities Commission of the Bahamas.
As previously reported by CoinGape, FTX’s total liabilities amount to $8.8 billion. The exchange was said to have limited cash and liquid digital assets at the time, which equated to an estimated $8 billion gap in its balance sheet, according to FTX’s newly appointed CEO John J. Ray III.
On behalf of FTX, Adam Landis, an attorney from Sullivan & Cromwell was quoted as saying:
We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. Our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token.
This is a developing story and is being frequently updated.
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