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Cryptocurrency exchange recovers $5bn assets

Photo Credit: Wikipedia

The Collapsed cryptocurrency exchange FTX has located more than $5bn (£4.1bn) of assets.

However, a United States bankruptcy court was told on Wednesday that the extent of losses to customers is still not known.

Prosecutors have accused FTX’s former chief executive Sam Bankman-Fried of orchestrating an “epic” fraud that may have cost investors, customers and lenders billions of dollars.

The BBC says Mr Bankman-Fried has pleaded not guilty to charges that he cheated investors.

An attorney for FTX, Andy Dietderich, told US Bankruptcy Judge John Dorsey in Delaware that “We have located over 5 billion dollars of cash, liquid cryptocurrency and liquid investment securitie.”

Mr Dietderich said the recovered funds do not include assets seized by the Securities Commission of the Bahamas, where FTX was based and where Mr Bankman-Fried was living at the time of his arrest.

Writing by Chinasa Ossai; Editing by Julian Osamoto & Adeniyi Bakare