$5 billion in crypto and cash seized at FTX

The exact amount of missing customer funds at FTX remains unclear.

The exact amount of FTX's missing customer funds remains unclear. Some of the recovered assets give hope for a repayment.

Reported is since FTX's bankruptcy about five billion dollars in assets seized by the trustees. These include cash, various cryptocurrencies, and securities. Additionally, 425 million dollars have fallen into the hands of Bahamian authorities. According to the administrators, however, an "unknown" amount of customer funds is still missing. These would now have a better chance of repayment.

FTX could have up to $10 billion in debt

In December, there was already a billion dollars surfaced on the exchange. According to bankruptcy documents, the administrators estimate FTX debts at up to ten billion dollars. Of that, roughly half has been recovered. A challenge is the enormous amount of crypto assets. Since in some cases it constitutes the majority of the total supply of certain coins, the price could collapse on sale. An appraisal of the crypto assets is therefore difficult going forward, they say. Likewise, the misappropriated funds would be tied up in "private jets, houses and political donations." A full recovery of client funds to their original value is therefore complicated, according to the Commission.

Meanwhile, FTX leadership expects the company to be "reorganized" by April 2023, and a court has set March 15 as a provisional deadline. Then it will be clear how many customers will be compensated.