FTX has recovered approximately $7 billion in liquid assets. And the search for additional assets continues, as CEO John Ray said in FTX Debtors’ Interim Report No. 2, released June 26.
FTX receivables consisting of FTX and its affiliates It estimated the value of the misappropriated client’s assets at $8.7 billion. Most of the approximately $6.4 billion is held in fiat and stablecoins, which FTX does not distinguish between accounts.
“Despite extensive work by experts in forensic accounting, asset tracking and recovery, and blockchain analysis, as well as other aspects, but it can be extremely challenging to trace the bulk of the assets of the debtor to any particular funding source or to differentiate between the FTX Group’s operating funds and client deposits. ”
John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of FTX Debtors, said, “Disclosure of this report reinforces our objectives of transparency. As well as about the facts of FTX.com’s operations and the key issues that are taking place, the image that FTX Group seeks to portray as a customer-focused leader in the digital age is an illusion. from a combination of client deposits and corporate funds and use it in the wrong way We will continue to report on our analysis and findings as our work progresses. And remain committed to recovering as much money as possible for creditors.”
Earlier, FTX Debtors published its first report. It identifies and addresses the failures of FTX Group’s previous management team in key areas including management and governance, finance and accounting, digital asset management, information security, and cybersecurity. FTX Debtors expects to release its third report in August 2023.
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