Collapsed cryptocurrency exchange FTX has located more than $5bn (£4.1bn) of assets, an attorney for the firm says.
However, a US bankruptcy court was told on Wednesday that the extent of losses to customers is still not known.
Prosecutors have accused FTX's former chief executive Sam Bankman-Fried of orchestrating an "epic" fraud that may have cost investors, customers and lenders billions of dollars.
Mr Bankman-Fried has pleaded not guilty to charges that he cheated investors.
"We have located over 5 billion dollars of cash, liquid cryptocurrency and liquid investment securities," Andy Dietderich, an attorney for FTX, told US Bankruptcy Judge John Dorsey in Delaware.
Mr Dietderich said that the recovered funds do not include assets seized by the Securities Commission of the Bahamas, where FTX was based and where Mr Bankman-Fried was living at the time of his arrest.
Most of FTX's customers and investors who are facing losses have not been named in the hearings.
However, American football star Tom Brady, his former wife Giselle Bündchen and New England Patriots owner Robert Kraft were mentioned in court filings.
In December the 30-year-old was arrested in the Bahamas and extradited to the US. He has been accused of committing "one of the biggest financial frauds in US history."
FTX, which a year ago was valued at $32bn, filed for bankruptcy protection on 11 November. It has been estimated that $8bn of customer's funds was missing.
US federal prosecutors have accused Mr Bankman-Fried of misappropriating FTX customers' funds to pay debts at his cryptocurrency trading firm Alameda Research and to make other investments.
In December prosecutors announced eight criminal charges, including wire fraud, money laundering and campaign finance violations. Financial regulators have also brought claims against Mr Bankman-Fried.
FTX co-founder Gary Wang and Caroline Ellison, the former head of Alameda, have also been charged over their alleged roles in the company's collapse. Authorities said they were both cooperating with the investigation.
In late December Mr Bankman-Fried was released from detention on $250m bail on condition that he does not leave his parents' home in California.
In an interview with BBC News before his arrest, he said: "I didn't knowingly commit fraud. I don't think I committed fraud. I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was."
This video can not be played
Sam Bankman-Fried denies claims he knew FTX customer money was used for risky financial bets
UK investor reported losing £1m in FTX collapse
FTX founder pleads not guilty to fraud
FTX founder released to parents on $250m bail
FTX boss arrives in US to face fraud charges
Singapore's crypto ambitions shaken by FTX collapse
US says FTX fraud 'one of biggest' in its history
Ukraine is de facto Nato member – defence minister
Republicans want to know who visited Biden's homes
Lisa Marie Presley, daughter of Elvis, dies at 54
China eyes life beyond Covid despite high infections
Weekly quiz: What is Johnny Rotten pondering next?
Does easing US inflation point the way for the world?
India targets China's dominance in mobile phones
Africa's top shots: Angry rams, priest and prayers
Did Bollywood’s longest kiss really happen in 1933?
How dangerous is blue-green algae?
Why reporting on Iran comes at a heavy price
How UK schools are tackling Andrew Tate's influence
Britain's lost and legendary 'Area 51'
The axed workers posting epic goodbyes
The skiers dedicated to alpine warfare
© 2023 BBC. The BBC is not responsible for the content of external sites. Read about our approach to external linking.
Related Posts
