A lawyer for the defunct cryptocurrency exchange FTX believes more than $5 billion (£4.1 billion) in assets have been located.Information Guide Nigeria

However, a US bankruptcy court was told on Wednesday that the extent of the losses to customers is not yet known.

Prosecutors accuse former FTX CEO Sam Bankman-Fried of perpetrating an “epic” fraud that may have cost investors, customers and lenders billions of dollars.

Mr. Bankman-Fried has pleaded not guilty to the investment fraud charges.

“We have located over $5 billion in cash, liquid cryptocurrencies and liquid investment securities,” Andy Dietderich, an attorney for FTX, told US bankruptcy judge John Dorsey in Delaware.

Mr. Dietderich stated that the money recovered does not include assets seized by the Securities and Exchange Commission of the Bahamas, where FTX was headquartered and where Mr. Bankman-Fried was arrested.portal jamb

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Most of the FTX clients and investors who are at risk have not been identified in the proceedings.

However, the court documents include American football player Tom Brady, his ex-wife Gisele Bündchen and New England Patriots owner Robert Kraft.

The 30-year-old was captured in the Bahamas in December and extradited to the United States. He is accused of committing “one of the largest financial frauds in the history of the United States.”

On November 11, FTX, which a year ago was valued at $32 billion, filed for bankruptcy. An estimated $8 billion in customer cash was lost.

Mr. Bankman-Fried is charged by US federal authorities with misappropriating assets from FTX clients to pay off debts at his Alameda Research cryptocurrency trading firm and conduct other transactions.nysc portal

In December, prosecutors announced eight criminal charges, including wire fraud, money laundering and campaign finance offences. In addition, financial regulators have filed lawsuits against Mr. Bankman-Fried.

Gary Wang, the co-founder of FTX, and Caroline Ellison, the former CEO of Alameda, have also been charged for their alleged role in the company’s collapse. Authorities stated that both parties were assisting with the investigation.

In late December, Mr. Bankman-Fried was released on $250 million bail on the condition that he not leave his parents’ home in California.

In an interview with BBC News before his arrest, he said: “I did not knowingly commit fraud. I don’t think he committed fraud. I didn’t want any of this to happen. I certainly wasn’t as competent as he thought I was.”JAMB Result

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