FTX’s current management team said it has made “substantial progress” in securing assets and has recovered about $7 billion in liquid assets so far, in a report filed on Monday.
The FTX.com exchange owed customers approximately $8.7 billion when it filed for bankruptcy last year, based on ongoing analysis, according to the report. The vast majority of the deficit — more than $6.4 billion — was in the form of fiat currency and stablecoin that had been misappropriated, the report said.
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The former FTX leadership “did not commingle and misuse customer deposits by accident,” the report alleged, and leadership hid its actions “with the assistance of a senior FTX Group attorney” and others.
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