Lawyers for collapsed crypto exchange FTX – the world’s second largest at its peak – have revealed that they have recovered roughly £4.1bn in cash and crypto.

However, it should be noted, that the exchange is still “working to rebuild transaction history,” with the whole picture of the current shortfall to customers and investors, “still unclear,” according to FTX lawyer, Andy Dietderich. It is thought that the company’s liabilities reach an estimated £6.6bn.

In an on-going court battle, prosecutors have accusted FTX CEO Sam Bankman-Fried of orchestrating an “epic” fraud. In December, 30-year-old Bankman-Fried was arrested in the Bahamas – where FTX is headquartered – accused of committing “one of the biggest financial frauds in US history following the crypto exchanges collapse, which allegedly occured as a result of Bankman-Fried misappropriating FTX users’ funds to cover debts and make other investments.

Bankman-Fried has plead not guilty to all criminal charges related to the fallout from FTX, with the United States Attorney’s Office for the Southern District of New York has forming a task force to “trace and recover” missing FTX customer funds and handle investigations and prosecutions related to the exchange’s collapse.

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The £4.1bn worth of assets recovered by FTX’s lawyers do not include those seized by the Securities Comission of the Bahamas – though it is thought these assets largely comprise of FTX’s native token, FTT, which has lost the vast majority of its value in the wake of FTX’s collapse.

FTX lawyer Dietderich has also stated that the company plans to sell $4.6bn worth of non-strategic investments, including subsidiaries such as LedgerX, Embed, FTX Japan and FTX Europe – the four of which operate independently of FTX, each housing their own accounts.

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