Advisors of Bankrupt FTX Found $5B Worth of Sunken Treasures

• FTX Group advisors revealed that they found more than $5B in cash or crypto.
• Advisors have also found a large amount of other crypto assets that are illiquid.
• The FTX Group advisors have been sorting through records since November.

FTX Group advisors revealed that they have found more than $5 billion in cash or crypto assets, which could help repay the creditors. With crypto communities expecting 2023 will be an era of advancements, FTX Group advisors have bought this news as a beacon of hope that could possibly help those who suffered against the harsh destruction of a once shining empire.

FTX’s attorney, Andrew G. Dietderich, stated this new-found revelation to the US Bankruptcy Judge, John T Dorsey who was overseeing the company’s bankruptcy in the federal court of Wilmington, Delaware. According to a report by Bloomberg, the  FTX Group advisors revealed that they have found more than $5 billion.

Searching for ways to resolve this tough spot, advisors have also found a large amount of other crypto assets that are illiquid, which is difficult to sell. FTX’s advisors explained that they have been sorting through the sunken crypto exchanges wreckage since November. 

Dietderich also pinpointed that FTX advisors have found around 9 million customer accounts. Even after finding lost treasures, Dietderich mentioned that FTX is still unclear on how much money the creditors will get back, or what percentage of their debts will be repaid. Moreover, reports have also identified that 120 billion transactions had been handled on FTX platforms, before its fall.

Uncloaking the episodes of yesterday’s court hearing, the FTX Group asked for approval to ensure the secrecy of its creditors and customers. Judge Dorsey agreed that the customer names could be considered valuable trade secrets, although many media outlets argued that decision. Reports have not yet revealed when the money will be paid back to creditors.