FTX’s Bankruptcy Lawyers: ‘The Dumpster Fire Is Out’

Five months after the spectacular implosion of FTX, the Bahamas-based crypto exchange’s new legal team has a message for both the U.S. bankruptcy court and creditors alike: “The situation has been stabilized and the dumpster fire is out.”

Made by FTX’s lead bankruptcy attorney Andy Dietderich, a partner at New York law firm Sullivan & Cromwell, the remarks came at a hearing on Wednesday before U.S. Bankruptcy Court Judge John D. Dorsey of the District of Delaware.

Dietderich told the court that the team of professionals who took over FTX after former CEO Sam Bankman-Fried was forced to step down was working hard to build balance sheets from scratch and track down assets for customer recovery. So far, according to a presentation made by Dietderich, the company has recovered a whopping $7.3 billion in mostly liquid, distributable assets, up nearly $2 billion from the figure lawyers gave at a hearing in January.

Source: FTX’s Bankruptcy Lawyers: ‘The Dumpster Fire Is Out’