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FTX has recovered more than $5 billion in cash and crypto assets, however, the sum is far less than what he owes to his creditors, affected by the bankruptcy of the cryptocurrency trading platform founded by Sam Bankman-fried.
That's what a lawyer for the cryptocurrency exchange said in a Delaware bankruptcy court on Wednesday. "We know what Alameda did with the money. He bought planes, houses, threw parties, made political donations," Dietderich said Wednesday, alluding to Bankman-Fried's $40 million penthouse in the Bahamas and tens of millions in campaign contributions, which prosecutors say were funded illegally from Ftx client funds.
Bankman-Fried faces up to 115 years in prison if found guilty on all charges. Bankman-Fried's top associates, the former CEO of Alameda, Bankman-Fried's ex-girlfriend Caroline Ellison and FTX cofounder Gary Wang, pleaded guilty to related charges last month.
Caroline Ellison testified that she and Bankman-Fried knowingly defrauded investors.
FTX has recovered over $5 billion in cash to date
According about what was the decision of the judge presiding over his arraignment hearing, his trial will begin on October 2.
Documents filed in Delaware bankruptcy court on Tuesday revealed the list of FTX equity investors likely to see their investments wipe out. Billionaires Peter Thiel, Daniel Loeb, Robert Kraft and Paul Tudor Jones, Kevin O'Leary and NFL star Tom Brady and his supermodel ex-wife Gisele Bundchen are among those included in the filing.
Regulators are currently trying to piece together the vast crypto empire. The stunning and sudden collapse of FTX late last year led to Bankman-Fried eight federal criminal charges related to alleged fraud at FTX and Alamenda, who was accused of secretly using FTX client funds for her operations.
Bankman-Fried, whose net worth peaked at about $26.5 billion according to Forbes calculations, pleaded not guilty last week.