The ailing cryptocurrency exchange FTX/Sam Bankman-Fried, according to FTX attorney Andy Dietderich, has “recovered $5 billion in cash and liquid coins.” The exchange is, however, still “trying to recover transaction history,” and the overall amount of client shortfall is “unknown.” The assets recovered do not include those confiscated by the Bahamas Securities Commission, which mostly consists of the exchange’s native token, FTX Token FTT.
Dietderich also indicated that the corporation intends to divest non-strategic investments totaling $4.6 billion, including companies such as LedgerX, Embed, FTX Japan, and FTX Europe. The companies are separate from FTX and have their own accounts. FTX Japan has already planned to refund consumer payments. Furthermore, FTX will terminate its sponsorship agreement with the popular multiplayer online combat arena game League of Legends from 2021 to 2028.
A bipartisan group of four US Senators, John Hickenlooper, Thom Tillis, Elizabeth Warren, and Cynthia Lummis have condemned one of the law firms engaged in the bankruptcy case of crypto exchange FTX for conflicts of interest. Following worries about conflicts of interest, US lawmakers earlier requested that the court appoint an independent examiner in FTX’s bankruptcy case, but the presiding judge denied their request. The law firm had previously provided legal services to FTX and one of the partners was FTX’s general counsel.
Get this: FTX’s legal advisors *pre-collapse* want to be appointed to oversee investigations INTO the collapse.
I’m no legal expert, but that sounds like a conflict of interest. With @SenThomTillis @SenWarren @SenLummishttps://t.co/iz3k9yP1uT
– Senator John Hickenlooper (@SenatorHick) January 10, 2023
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