DIGGING FOR COINS

FTX Says It’s Recovered $5 Billion in Cash and Crypto

The company also told a bankruptcy court Wednesday it hopes to generate an additional $4.6 billion by selling other investment holdings.

Doomed cryptocurrency exchange FTX has found more than $5 billion in cash and other liquid assets, the company told a bankruptcy court Wednesday. The company said it also hopes to sell more than 300 other investment holdings worth around $4.6 billion. FTX filed for bankruptcy in November and is embroiled in legal drama as founder Sam Bankman-Fried faces federal charges for lying to investors and stealing billions for his personal use. The company is seeking to recover funds to reimburse customers and investors; 9 million customer accounts have been identified as eligible for possible repayments, FTX lawyer Andrew Dietderich said in the court hearing. The firm guiding FTX through its bankruptcy has been scrutinized as well, with a bipartisan group of senators sending a letter to the judge saying the firm may not be able to conduct a reasonable investigation. However, Judge John Dorsey disregarded the letter and said it won’t impact how he approaches the case.