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.
Related: BlackRock, Ripple, Nasdaq Among Parties Shown Interest In FTX 2.0
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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