Exchange FTX, which has been bankrupt since November 2022, managed to recover $2.1 billion between October and December 2023. This sum came from the sale of its cryptocurrencies, according to Bloomberg's analysis of FTX's Chapter 11 operating reports. The company nearly doubled its dollar reserves from $2.3 billion to $4.4 billion.
On 8 December 2023, FTX revealed in a court filing that it had recovered $1.8 billion by selling some of its cryptocurrencies. By continuing these sales in December, the platform recovered a further $300 million.
Despite suspending operations, FTX is spending $1.3 million a day on legal fees. The liquidators are looking for ways to repay creditors, including the sale of all shares in GBTC, Grayscale's Bitcoin ETF, which brought in nearly $1 billion.
FTX is taking legal action against Bybit, another cryptocurrency exchange, which had withdrawn $953 million in cryptocurrencies prior to its bankruptcy. The liquidators are considering reimbursing customers at the value of their possessions at the time of bankruptcy, a method that could reimburse all customers but does not satisfy all, due to the funds that have been frozen for more than a year.
