$5.5 Billion in Assets Discovered by Sullivan & Cromwell in FTX Bankruptcy

• Lawyers from Sullivan & Cromwell have discovered $5.5 billion in assets in FTX customer accounts and other company divisions.
• The assets include $1.7 billion in cash and $3.5 billion in cryptocurrencies, including Bitcoin and other coins.
• The complexity of the task has become more apparent as the attorneys provided more information regarding the types of assets.

The bankruptcy of FTX, once a promising cryptocurrency exchange, has left lenders and consumers who lost billions of dollars looking for ways to recover their money. To this end, attorneys from the New York firm of Sullivan & Cromwell have been tasked with identifying and valuing the company’s assets to see how much can be recovered.

On Tuesday, the attorneys revealed in a court document that they had discovered $5.5 billion in assets hidden away in customer accounts or other portions of the business. Of this amount, $1.7 billion was found in cash and $3.5 billion was in cryptocurrencies, including Bitcoin and other coins.

The complexity of the task at hand became more apparent as the attorneys provided additional information regarding the nature of the assets. Sam Bankman-Fried, the founder of FTX, had invested money in a variety of assets, from obscure cryptocurrency to stakes in hundreds of other businesses, in a remarkably short three-year period.

The cryptocurrency assets are relatively simple to trade, according to the attorneys, thus the digital currency stockpile can be converted into cash. The amount includes $268 million in Bitcoin and $245 million in other coins. The lawyers also noted that the company had invested in other assets, including stocks, real estate and private equity, but the full value of these investments has yet to be determined.

The attorneys have been working to sort out the details of FTX’s finances so that lenders and consumers can be paid back, and it is clear that this is a complex and time-consuming process. It remains to be seen how much money can be recovered, but the discovery of the $5.5 billion in assets is a good sign that there will be some financial relief in the near future.