"The best thing is, this FTX keeps getting up after falling."
Cryptocurrency exchange company FTX that has rocked the entire crypto market since last year is now coming back with the announcement of $5 billion in digital assets and cash.
However, the entire recovery fund does not include the $425 million in digital assets held by the Bahamas Securities Commission.
According to John J. Ray lll, the new Chief Executive Officer (CEO) of FTX stated that so far the company's total liabilities are worth $8.8 billion while its cash and digital assets are around $8 billion.
Meanwhile, FTX also plans to liquidate their holdings worth $4.6 billion including mentioning that the assets seized by the Bahamian authorities are $170 million and not $3.5 billion, commented FTX lawyer Andy Dietderich.
He added that most of the seized digital assets consisted of crypto founded by FTX, namely FTT.
Earlier in November, the company filed for Chapter 11 bankruptcy and in December, prosecutors in the United States (US) charged former FTX CEO Sam Bankman-Fried (SBF) with defrauding investors for his own benefit.
Following that, FTX's advisors and attorneys are in the process of recovering all funds to repay creditors.
As of the latest news, SBF has pleaded not guilty to all charges while the Southern District of New York Office established the FTX Task Force to track down and recover lost client assets.
