It seems as though the stashing of assets by the former FTX players came without real thought, they failed to remember that blockchain is forever. Put that in line with giving lawyers enough incentive, well they will follow the money and find it. This is exactly what has been happening, on Wednesday an FTX attorney let the court know about this in a Federal bankruptcy hearing that took place in Delaware. They stated that they have indeed located over $5 billion of cash, liquid cryptocurrency, and other liquid investments that belonged to the company as of November 11, 2022, the exact date FTX filed for bankruptcy.
The newly recovered assets are void of the digital assets that the Securities Commission of the Bahamas holds, which an approximate value of roughly $425+ million. This $5 billion is far cry from from the original $1 billion they located in December, there is surely more to come as potential claw backs ensue.
Now should they find a path to liquidate or monetize those digital assets, FTX customers and investors may be coming closer to being made whole at some point.
The lesson learned here is that blockchain doesn’t lie, ever.
The FTX Saga continues……………..