Over $5 billion in assets are recovered from the collapsed crypto powerhouse

A counsel for the company claims that the defunct cryptocurrency exchange FTX has discovered more than $5 billion in assets.

A US bankruptcy court was informed on Wednesday, nevertheless, that it is yet unknown how much money clients have lost. Sam Bankman-Fried, the former CEO of FTX, is charged by prosecutors of planning an "epic" scam that may have cost investors, clients, and lenders billions of dollars. A claim that Mr. Bankman-Fried defrauded investors has been met by his plea of not guilty.

The Securities Commission of the Bahamas, where FTX had its headquarters and Mr. Bankman-Fried was residing at the time of his detention, had seized certain assets, according to Andy Dietderich, an attorney for FTX, who claimed that the cash recovered do not include such items. The proceedings have not revealed the names of the majority of FTX's clients and investors who have suffered losses.

The 30-year-old was detained in the Bahamas in December and then deported to the US. He is charged with carrying out "one of the largest financial frauds in US history." On November 11, FTX, which had a $32 billion market value a year prior, filed for bankruptcy protection. $8 billion in client cash are thought to have gone missing.