Attorney says company located billions in ‘cash, liquid cryptocurrency and liquid investment securities’ but is working to determine customer shortfall
Dietderich also said that the company plans to sell non-strategic investments that had a book value of $4.6bn.
FTX’s attorney estimated the seized assets were worth as little as $170m while Bahamian authorities put the figure as high as $3.5bn. The seized assets are largely composed of FTX’s proprietary and illiquid FTT token, which is highly volatile in price, Dietderich said. The four companies FTX intends to sell are relatively independent of the broader FTX group, and each has its own segregated customer accounts and separate management teams, according to FTX court filings.
In addition to selling affiliates, a company lawyer on Wednesday said FTX will end its seven-year sponsorship deal with the League of Legends video game, which started in 2021.
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