FTX’s new attorneys say they’ve put out the “dumpster fire” created by Sam Bankman-Fried, and claim that company was more akin to a “digital Potemkin village” than a functioning crypto exchange under the former CEO. cheyenneligon reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Five months after the spectacular implosion of FTX, the Bahamas-based crypto exchange’s new legal team has a message for both the U.S. bankruptcy court and creditors alike: “The situation has been stabilized and the dumpster fire is out.”
Dietderich told the court that the team of professionals who took over FTX after former CEO Sam Bankman-Fried was forced to step down was working hard to build balance sheets from scratch and track down assets for customer recovery. So far, according to a presentation made by Dietderich, the company has recovered a whopping $7.3 billion in mostly liquid, distributable assets, up nearly $2 billion from the figure lawyers gave at a hearing in January.
Part of that plan could include restarting the exchange, though Dietderich said that was just one option among many.In addition to tracking down the firm’s missing $8 billion, Dietderich said FTX’s leadership has been working extensively with U.S. law enforcement agencies that are investigating Bankman-Fried for fraud.
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