Comment by remarkEon | Hacker News Reader

Comment by remarkEon | Hacker News Reader

This article offers zero details on what exactly these assets are and where they are at. Why should I believe any of this?

>With the recovery of $7.3 billion, FTX's journey to redemption has begun. The saga serves as a cautionary tale for the cryptocurrency world, emphasizing the importance of robust security measures and due diligence to protect both investors and the broader digital asset landscape.

This sounds like some kind of PR campaign. For an article that mentions "the resilience of blockchain technology and its ability to track and recover lost funds" it's quite ironic that it's also completely devoid of details. One would think that, after this whole obnoxious episode, FTX would want to prove that these $7.3B in "assets" actually exist.

Edit: Just realized this is from that NFT pump and dump site that Horowitz invested in.

I liked the way Matt Levine put it: if you’re the sort of company that sometimes randomly finds large amounts of assets you had lost track of, you should be worried you might later find large amounts of liabilities you had lost track of.

> This article offers zero details on what exactly these assets are and where they are at.

Yes. There's a bit more detail in a court filing here.[1] It's a shiny PowerPoint type presentation with little supporting data.

In their latest court filing, FTX only claimed to have $6.2 billion in assets recovered. They had $5.4 billion back in January. The additional money is $0.6 billion from settlements with some parties involved with FTX, and $0.3 billion in cash from somewhere. The remaining $0.9 billion is the crypto assets going up.

There was a court hearing today, which is probably where the news story originated. No transcript yet.

There still is an "FTX", and the new management is proceeding as if they expect to come out of this with a viable company. This is a chapter 11 reorganization, not a straight liquidation. At least for now.

Meanwhile, Bankman-Fried is trying to get the court to release funds to cover the premiums on the officers and directors insurance policy which might pay his legal bills.[2]

[1] https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=...

[2] https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=...

Because John J. Ray is the CEO who has been tasked with one thing and one thing only.

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