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Ivy Washington posted in the group Business
There’s some good news for FTX creditors. Lawyers at Sullivan & Cromwell, the law firm advising on the bankruptcy of the fallen crypto exchange, disclosed yesterday that the company’s assets were worth roughly $5.5 billion, including $1.7 billion in cash and $3.5 billion in crypto assets. That makes this wider crypto rally significant for FTX creditors — if it lasts.Sam Bankman-Fried saw cracks appearing in his crypto empire before its implosion, reports The Times’s David Yaffe-Bellany. Government documents obtained by The Times indicate that the FTX founder was fully aware of the ballooning losses at FTX’s sister trading arm, Alameda Research, and that it had borrowed $13 billion from FTX to get out of the hole.
The revelation could be a cornerstone of prosecutors’ fraud case against Bankman-Fried, who will stand trial in October.
– The New York Times
