Bankrupt crypto exchange FTX has recovered $7.3 billion in assets -attorney

By Dietrich Knauth

(Reuters) -Bankrupt crypto exchange FTX has recovered over $7.3 billion in cash and crypto assets, an increase of more than $800 million since January, the company’s attorney said on Wednesday at a U.S. bankruptcy court hearing.

FTX attorney Andy Dietderich said at a court hearing in Delaware the company is starting to think about its future after months of effort devoted to collecting resources and figuring out what went wrong under the leadership of indicted ex-founder Sam Bankman-Fried.

“The situation has stabilized, and the dumpster fire is out,” Dietderich said.

FTX filed for bankruptcy in November 2022 after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

FTX’s new CEO John Ray has detailed improper fund transfers and poor accounting at the collapsed crypto exchange, describing it as a “complete failure” of controls.