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FTX Group advisers have found more than US$5 billion in cash or crypto assets that it may be able to sell to help repay creditors, a lawyer for the company told the judge overseeing the biggest crypto bankruptcy.
The company is working to monetize assets with a book value of US$4.6 billion, company attorney Andrew G. Dietderich said in federal court in Wilmington, Delaware on Wednesday. Advisers have also found a large amount of other crypto assets that are illiquid and therefore harder to sell, he said.
Advisers for the failed crypto exchange have been sorting through the wreckage left behind by its founder, Sam Bankman-Fried, since the company collapsed into bankruptcy in November. FTX’s books and records ranged from messy to non-existent prior to its implosion, its new chief executive officer has said.
FTX advisers have identified more than 9 million customer accounts, Dietderich said. The company doesn’t yet know how much money creditors will get back, or what percentage of their debts will be repaid, he said.
The bankruptcy is FTX Trading Ltd., 22-11068, US Bankruptcy Court for the District of Delaware.