<p>Attorneys managing the bankruptcy of defunct <a href="http://dailywire.com/topic/cryptocurrency" target="_blank" rel="noopener">cryptocurrency</a> exchange FTX announced that they have recovered some $5 billion in assets to repay defrauded customers and investors.</p>
<p>Former FTX CEO <a href="http://dailywire.com/topic/sam-bankman-fried" target="_blank" rel="noopener">Sam Bankman-Fried</a> garnered controversy after users learned that he commingled funds between his exchange platform and Alameda Research, a trading firm he also controls, losing billions’ worth of assets as customers rushed to withdraw their balances. Adam Landis, an attorney working to recover funds, said that deposits were used to purchase lavish amenities and otherwise improperly enrich the company’s founders.</p>
<p>&#8220;We know what Alameda did with the money. It bought planes, houses, threw parties, made political donations. It made personal loans to its founders. It sponsored the FTX Arena in Miami, a Formula One team, the League of Legends, Coachella and many other businesses, events and personalities,&#8221; Landis remarked during a Wednesday hearing, according to a <a href="https://www.coindesk.com/policy/2023/01/11/ftx-has-recovered-over-5b-in-assets-bankruptcy-attorney-says/" target="_blank" rel="noopener">report</a> from Coinbase. &#8220;The amount of the shortfall is not yet clear. It will depend on the size of the claims pool and our recovery efforts. But every week we come closer to completing the work necessary to estimate recoveries for the purposes of a plan of reorganization.”</p>
<p>The recovered funds came in the forms of cash, liquid cryptocurrency, and liquid investment securities. Landis added that the company also has control of illiquid cryptocurrency reserves “where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token.”</p>
<p>Lawyers for the company could only find $1 billion of assets as of last month. The company said in bankruptcy filings that the total amount missing was between $1 billion and $10 billion. Authorities in the Bahamas, where FTX and other companies led by Bankman-Fried were headquartered, <a href="https://www.dailywire.com/news/bahamas-holding-3-5-billion-of-ftxs-cryptocurrency-for-safekeeping" target="_blank" rel="noopener">seized</a> $3.5 billion of assets in the days after the company’s collapse.</p>
<p>Damien Williams, the United States Attorney for the Southern District of New York, indicted Bankman-Fried of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations, according to a <a href="https://www.justice.gov/usao-sdny/pr/united-states-attorney-announces-charges-against-ftx-founder-samuel-bankman-fried" target="_blank" rel="noopener">press release</a> from the Justice Department. The entrepreneur, who could spend as many as 115 years in prison, has <a href="https://www.dailywire.com/news/sam-bankman-fried-pleads-not-guilty-allowed-to-conceal-who-is-securing-his-250-million-bond" target="_blank" rel="noopener">pleaded</a> not guilty even as other former executives admit their guilt.</p>
<p>Bankman-Fried has been released on a $250 million bond and is currently <a href="https://www.dailywire.com/news/the-4-million-california-home-where-sam-bankman-fried-is-spending-his-house-arrest" target="_blank" rel="noopener">permitted</a> to stay at his parents’ home in northern California. United States District Judge Lewis Kaplan is allowing Bankman-Fried to conceal the names and addresses of the individuals who secured his bond.</p>
<p>The collapse of FTX produced hesitance among customers and investors toward other firms in the nascent cryptocurrency sector. BlockFi, a lending platform, <a href="https://www.dailywire.com/news/crypto-company-blockfi-files-for-bankruptcy-after-ftx-collapse" target="_blank" rel="noopener">filed for bankruptcy</a> days after FTX was rendered insolvent, while companies such as Genesis <a href="https://www.dailywire.com/news/second-major-cryptocurrency-exchange-could-be-poised-to-go-bankrupt" target="_blank" rel="noopener">indicated</a> the looming possibility of bankruptcy. Other entities, such as Voyager and Celsius had already declared bankruptcy months earlier amid a bear market in the digital asset space. Coinbase announced plans this week to <a href="http://dailywire.com/topic/unemployment" target="_blank" rel="noopener">dismiss</a> roughly 20% of its employees for the second time in seven months.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

FTX Bankruptcy Lawyers Reveal How Much They Have Clawed Back For Defrauded Investors

CONTINUE READING

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Business

Crime

Cryptocurrency

Fraud

Sam Bankman-Fried

U.S.

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

FTX Bankruptcy Lawyers Reveal How Much They Have Clawed Back For Defrauded Investors