FTX's New Management Stumbled Upon $5 Billion That Sam Bankman Fried Hadn't Pissed Away
Good news, bag holders (maybe): FTX's new management has stumbled upon $5 billion in cash and liquid crypto assets (read: not FTX's own shitcoin created out of thin air). One can only assume it was found in the cushion of a couch you wouldn't want to take a black light to in SBF's Bahama's penthouse/fuck palace.
CNBC - FTX has recovered over $5 billion worth of liquid assets, including cash and digital assets, attorneys in Delaware bankruptcy court said during an FTX bankruptcy hearing Wednesday.
The news comes after federal prosecutors announced plans to seize at least $500 million worth of FTX-connected assets as part of their ongoing prosecution of FTX co-founder Sam Bankman-Fried.
But wait, there's more!
The nerds handling the bankruptcy proceeding are also trying to sell assets that could fetch as much as $4.6 billion. And, apparently other crypto players aren't too afraid that the FTX stank will be hard to get out.
Coindesk - Around 117 parties have expressed an interest in buying units of FTX, a legal filing posted Sunday said, as a deadline for initial bids approaches.
While the crypto company’s bankruptcy case could take years, the estate has prioritized the sale of LedgerX, FTX Japan, FTX Europe and stock-clearing platform Embed, arguing they are the easiest to separate and have a risk of losing value if not sold quickly.
As of Sunday, “approximately 117 parties, including various financial and strategic counterparties globally, have expressed interest to the debtors [FTX] in a potential purchase of one or more of the businesses,” said a legal declaration by Kevin Cofsky, a partner at Perella Weinberg, the investment bank hired by FTX Group to represent the collapsed crypto company.
That means there might be upwards of $10 billion up for grabs.
But don't get too bricked up, FTX customers. You've still got a long road ahead of you. Keep in mind that it could take months or years for lawyers, accountants etc. to untangle Sam Binky's web of lies. For fuck's sake, they still don't know how many customer funds are missing (although it's estimated at ~$8 billion). Oh, and customers aren't the only ones with their hand out. FTX will have to pay out anyone who has claims against assets, debt holders, vendors… and don't think that new fat cat CEO is cheap.
John Ray, the dude who inherited the clusterfuck that is FTX from SBF (poor bastard) is making $1,300 an hour (rich bastard).
Friendly reminder: Tom Brady, Gisele, and Mr. Kraft are (very likely) not among the folks who will get any money back from FTX…
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