$740M in Crypto Assets Recovered So Far in FTX Bankruptcy

NOVEMBER 25, 2022:

NEW YORK (AP) – The company tasked with freezing the assets on failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far. That’s a fraction of the potential billions likely to be missing from the coffers of bankrupt companies. The numbers were released Wednesday by cryptocurrency custodian firm BitGo, which shut down FTX in the hours after the company filed for bankruptcy on Nov. 11, 2022.

NOVEMBER 17, 2022:

UNDATED (AP) – The new CEO of collapsed cryptocurrency trading firm FTX, which oversaw Enron’s bankruptcy, said he had never seen such a “complete failure” of corporate governance. John Ray III said in a filing with the US Bankruptcy Court for the District of Delaware there was “a complete lack of reliable financial information”. Ray was appointed CEO of FTX less than a week ago, when the company filed for bankruptcy protection and its CEO and founder, Sam Bankman-Fried, resigned.

NOVEMBER 14, 2022:

NEW YORK (AP) — Sam Bankman-Fried received numerous acclaim as he quickly rose to superstar status as head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and possibly the world’s first trillionaire. Now, comments aren’t so friendly about the 30-year-old Bankman-Fried after FTX filed for bankruptcy on Friday, causing its investors and customers to feel betrayed and many others in the crypto world fearing the repercussions. Bankfried-Fried himself could be prosecuted under civil or criminal law. The ultimate impact of FTX’s bankruptcy is uncertain, but its failure will likely result in the destruction of billions of dollars in assets.

NOVEMBER 11, 2022:

NEW YORK (AP) – The embattled cryptocurrency exchange FTX, on the verge of billions of dollars, is seeking bankruptcy protection after its collapse this week. FTX Trading said its CEO and founder Sam Bankman-Fried has resigned. FTX, an affiliated hedge fund Alameda Research, and dozens of other companies filed for bankruptcy in Delaware on Friday morning (November 11, 2022). FTX had earlier this week agreed to sell itself to larger rival Binance after experiencing the cryptocurrency equivalent of a bank run, but the deal fell through. Clients fled the exchange after worrying about whether FTX had enough capital.

NOVEMBER 9, 2022:

NEW YORK (AP) – Bitcoin plunged to a two-year low and other digital assets sold off on Wednesday (November 9, 2022) following the sudden collapse of crypto exchange FTX Trading. A day earlier, FTX had agreed to sell itself to Binance after experiencing the cryptocurrency equivalent of a bank run. Clients fled the exchange after worrying about whether FTX had enough capital. Bitcoin traded around $17,645, falling overnight to its lowest level since December 2020. Just a year ago, Bitcoin hit an all-time high of $68,990. Ethereum, the second most traded digital currency, fell 10%. Crypto exchange Coinbase and online trading platform Robinhood also fell in early trading.

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