Lawyers find billions in cash and cryptocurrencies while searching for FTX assets
Join Our Telegram channel to stay up to date on breaking news coverage Two months after declaring bankruptcy, FTX’s attorneys are now identifying and valuing the company’s assets to see how much money can be recovered to pay back lenders and consumers who lost billion s of dollars in the once-promising crypto currency exchange. Lawyers from the New York firm of Sullivan & Cromwell, which is also embroiled in scandal for work it performed for FTX prior to bankruptcy, said in a court document on Tuesday that they had discovered $5.5 billion in assets hidden away in customer accounts or other portions of the business. The complexity of the task involved in untangling and recovering the assets connected to FTX became more apparent as the attorneys provided additional information regarding the nature of the assets. Sam Bankman-Fried, the founder of FTX, quickly invested money in a variety of assets, from obscure cryptocurrency to stakes in hundreds of other busine...