Nov 22, 2022
FTX Group Bankruptcy Filing Shows Cash Balance of $1.24 Billion
(Bloomberg) -- An FTX Group bankruptcy filing showed that the fallen cryptocurrency exchange and a number of affiliates had a combined cash balance of $1.24 billion.
The document from Alvarez & Marsal North America LLC, the proposed financial adviser to FTX, said trading house Alameda Research and related firms had a cash balance of almost $401 million.
Among FTX exchange platforms, FTX Japan had a cash balance of $171.7 million, the breakdown showed.
The latest tally as of Nov. 20 “identifies substantially higher cash balances than the debtors were in a position to substantiate as of Wednesday, Nov. 16,” according to the filing.
Sam Bankman-Fried’s FTX empire slid into a chaotic bankruptcy on Nov. 11, potentially leaving more than a million creditors and fomenting turmoil in the crypto sector.
Earlier court papers showed that FTX-linked entities owed their 50 biggest unsecured creditors a total of $3.1 billion. Preliminary filings have also indicated FTX assets and liabilities of at least $10 billion each.
The range of institutional and individual investors ensnared by the wipeout is sapping liquidity in digital-asset markets and stoking fears of contagion.
(Updates with context about FTX liabilities in the sixth paragraph.)
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