FTX Reports Crypto Assets Of $740 million In Bankruptcy Filing

Lawyers representing bankrupt cryptocurrency exchange FTX say they have located $740 million in assets so far, a fraction of the more than $3 billion the insolvent company owes to its creditors.

The asset figures were disclosed in bankruptcy court filings.

The main concern among FTX's more than 100 creditors is whether they will ever see the money they invested with the exchange.

Bankruptcy lawyers have said that FTX’s customers could wait years to get any of their money back, while many may never recover a penny.

The Ontario Teachers’ Pension Plan in Canada has written off the $95 million U.S. it invested in FTX earlier this year, citing “fraud” as the reason for the mark down.

FTX failed after its founder and former chief executive, Sam Bankman-Fried, transferred fund to his other business, the trading firm Alameda Research.

FTX filed for bankruptcy on November 11, citing $8 billion U.S. in losses. Since then, most of its cryptocurrency assets and cash have been reported as stolen or missing.

FTX is now being investigated in the U.S. and abroad for possible securities violations. Securities regulators in the Bahamas, where FTX is headquartered, seized some of the company's assets days after FTX filed for bankruptcy.

The crypto assets recovered from FTX to date are being held in “cold storage,” which means the cryptocurrency is stored on hard drives not connected to the Internet, the court filings state.