FTX says it has recovered over $5B, but customer losses still unknown

Crypto exchange FTX has recovered more than $5 billion, but the extent of customer losses in its collapse is still unknown, an attorney for the bankrupt company founded by Sam Bankman-Fried said Wednesday.

The company, which was valued a year ago at $32 billion, filed for bankruptcy in November and US prosecutors accused Bankman-Fried of orchestrating an “epic” fraud that may have cost investors, customers and lenders billions of dollars.

“We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities,” Andy Dietderich, an attorney for FTX, told a US bankruptcy judge in Delaware at the start of Wednesday’s hearing.

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