The lawyer stated that the money recovered does NOT include assets seized from the Securities and Exchange Commission of the Bahamas, where FTX was headquartered and Bankman Fried remained until his arrest.
The lawyers for FTX claimed that assets worth more than $5.1 million were recovered from the bankrupt cryptocurrency exchange.
Prosecutors say Sam Bankman Fried, the company’s former chief operating officer, orchestrated an enormous fraud that could have cost investors as well as consumers and lenders billions.
A US bankruptcy court heard Wednesday that the exact amount of consumer losses was not yet known.
Bankman-Fried pleaded not guilty in the defrauding of investors charges.
The lawyer stated that the money recovered did NOT include assets seized from the Securities and Exchange Commission of the Bahamas, where FTX was headquartered and Bankman Fried remained until his arrest.
Andy Dietderich, FTX attorney, stated in Delaware court that he had found more than $5 billion in cash and cryptocurrencies as well as securities.
The court did not name most of the investors and consumers who lost their money. The hearing did include mentions of Robert Kraft, the owner of New England Patriots football team, and Tom Brady, American football player.
He is charged with one of the most significant frauds in American History. FTX was valued at 32 million dollars a Year ago, and declared bankruptcy on November 11.
Bankman-Fried, aged 30, was taken into custody in the Bahamas in December. He was then extradited by the United States.