NEW: Crypto exchange FTX has recovered more than $5 billion in cash, 'liquid cryptocurrency' and other investment securities, an attorney for the exchange told a bankruptcy court Wednesday. nikhileshde iamsandali report
, the company's management checked off the box indicating a figure between $1 and $10 billion. Chief Financial Officer Mary Cilia estimated the company could do so by April 2023 during that December hearing.
"We know what Alameda did with the money. It bought planes. Houses, threw parties made political donations. It made personal loans to its founders. It sponsored the FTX Arena in Miami, a Formula One team, the League of Legends, Coachella and many other businesses, events and personalities," Landis said."The amount of the shortfall is not yet clear. It will depend on the size of the claims pool and our recovery efforts.
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