FTX Group regains access to over $5 billion in liquid assets

Advisers to the FTX Group in bankruptcy proceedings have regained access to assets totaling more than $5 billion, which can be used to pay affected creditors. Bloomberg Law reports citing the group’s attorney Andrew Dittderikha.

“We have uncovered more than $5 billion in cash, as well as liquid cryptocurrencies and securities,” Reuters quotes Dittderikha.

The amount above does not include funds previously frozen by the Bahamian regulator. Their value, according to the attorney, is about $170 million.

He explained that the assets seized in the Bahamas chiefly consist of the exchange’s utility tokens FTT. Because of their high volatility, they are difficult to liquidate on the open market.

At the January 11 hearing, the attorney also said that the company “has uncovered a large amount” of other illiquid digital assets. According to him, the FTX Group plans to sell non‑strategic investments with a book value estimated at $4.6 billion.

Dittderikha added that the FTX Group’s legal team identified more than 9 million customer accounts. Judge John Dorsey granted the motion to seal the names of identified users, deeming the information a trade secret.

The adviser emphasised that the group’s advisers have not yet calculated the extent of its clients’ losses.

As reported in court documents, about 117 potential buyers interested in acquiring FTX units.

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