The company provided additional details on Tuesday, saying it had recovered $1.7 billion in cash, $3.5 billion in liquid cryptocurrency and $300 million in liquid securities.
“We are making progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information,” Ray said in the statement.
The crypto assets recovered to date include $685 million in Solana, $529 million in FTX’s proprietary FTT token and $268 million in bitcoin, based on crypto prices on Nov. 11, 2022. Solana, which was lauded by Bankman-Fried, lost most of its value in 2022. During FTX’s initial investigation into hacks of its system, it uncovered a November asset seizure by the Securities Commission of the Bahamas, which led to a dispute between FTX’s US-based bankruptcy team and Bahamian regulators.
The two sides settled their differences in January, and Ray said on Tuesday that the Bahamian government was holding $426 million for creditors. Bahamas Prime Minister Philip Davis referenced the dispute during a Tuesday event at the Atlantic Council in Washington, saying that Ray’s team had “come around” and accepted that the Bahamian asset seizure “was appropriate and perhaps has saved the day for many of the investors in FTX.”
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