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FTX lawyers also told the judge overseeing the bankruptcy case that the amount of the shortfall in FTX customer funds isn’t yet clear. The company is working on determining the size of the claims pool and potential recoveries for some 9m customer accounts it has identified, FTX lawyer Andrew Dietderich said in the court hearing.
Mr. Dietderich said that new FTX management is “building financial statements from the ground up,” rather than using previous statements. FTX has put some salvageable units up for sale since entering chapter 11, including Embed Financial Technologies, LedgerX, FTX Japan and FTX Europe. The company is also “well underway on plans to monetize over 300 other non-strategic investments, with a book value over $4.6 billion,” Mr. Dietderich said.
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