FTX Group Bankruptcy Filing Shows Cash Balance of $1.24 Billion

Suvashree Ghosh, Bloomberg News

The FTX logo on a smartphone arranged in Barcelona, Spain, on Tuesday, Nov. 15, 2022. FTX Group named a slate of new independent directors to oversee the collapsed crypto empire and said its bankruptcy may involve more than a million creditors. Photographer: Angel Garcia/Bloomberg , Bloomberg

(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.)