New York Bankruptcy professionals working to unravel the collapse of Sam Bankman-Fried’s FTX conglomerate said they are having trouble identifying the company’s declared assets in the form of cash and cryptocurrency. Experts also complain about the lack of internal control mechanisms and incomplete records at the collapsed cryptocurrency exchange operator.
“Only a fraction of FTX Group’s digital assets have been located and secured,” John J. Ray, the group’s new CEO, said in an affidavit filed Thursday in bankruptcy court.
To date, only about $740 million worth of cryptocurrency has been secured in so-called cold wallets, i.e. cryptocurrency stores. It is also unclear how much cash FTX Group had when it filed for bankruptcy. So far, experts have found only about $560 million attributable to various FTX companies.
“Tv expert. Hardcore creator. Extreme music fan. Lifelong twitter geek. Certified travel enthusiast. Baconaholic. Pop culture nerd. Reader. Freelance student.”
More Stories
D-AIXT: This is what Lufthansa's first Airbus A350 with the Allegris cabin looks like
USA: It is clear that the economy is losing momentum at the beginning of the year
Chocolate storm in Türkiye – the Swiss are confused