Hey Peeps!
Finally some good news for affected FTX customers.
On December 20th, during a bankruptcy hearing, FTX stated that $1 billion in assets have been secured, $720 million in cash assets have been located but not yet consolidated, and another $500 million is already being held in U.S. banks.
FTX's new Chief Financial Officer, Mary Cilia said that around $130 million of cash is also currently locked up in Japan.
The recovery of these funds should surely help alleviate some of the financial woes that FTX is currently experiencing.
FTX's new executive team has been busy trying to recover assets since taking over after Sam Bankman-Fried's November 11th resignation.
Along with the recovery of assets, FTX is behind on filing their statement of assets and financial position, which Mary Cilia estimates will not be done until April due to poor record-keeping.
“We are reaching out to all of those banks and changing the signatories on the accounts so that we can get access to the accounts and move the cash as much as we can to authorized depository institutions.” - Mary Cilia, Chief Financial Officer of FTX
Even if it is only $1 to 2 billion in assets recovered, every little bit helps for the affected customers.
To be honest, I also feel like all this found money should go directly to customers and make them whole.
It would have been really nice to find SBF's hidden fund and use that to return customer funds.
All these fraudsters definitely stash away a good amount somewhere before they get caught.
Maybe one day we will recover his buried treasure.
How do you feel about this news?
Do you think FTX's new management is doing a good job for affected customers?
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See ya!
:)