FTX Group has a cash balance of $1,24 billion

- Advertisement -

FTX Group has a cash balance of $1,24 billion

FTX Group, which filed for Chapter 11 bankruptcy protection on November 11, has a total cash balance of $11 billion, according to a new FTX filing.

The filing, filed late November 21 by FTX Group's proposed financial advisor, Alvarez & Marsal North America LLC, shows an updated summary of FTX Group's cash balance as of November 11. November.

- Advertisement -

FTX Group's cash balance includes the amounts of both indebted and non-debt entities.

“About $751 million is held in debtor institutions and the remainder, $488 million, is in non-debtor institutions,” the filing reads.

This cash balance is much lower than the $3,1 billion that FTX Group is currently holding in debt of 50 major creditors.

According to a recent report by TheBlock, if the total creditors of FTX are counted, the number can reach more than 1 million creditors, including individual investors.

A recent Financial Times report said that FTX has just $900 million in liquid assets compared with $8,9 billion in liabilities.

Witnessing the dire state of FTX, the exchange's new CEO, John J. Ray, recently said “Never in my career have I seen an exchange fail completely,” he said, “in FTX there are so many shady transactions that need to be cleared up.”

“From the system’s integrity being compromised, to the concentration of control in the hands of a very small group of inexperienced individuals… led to the rapid demise of FTX,” Ray said.

4/5 - (1 votes)
- Advertisement -


Please enter your comment
Please enter your name here

This website uses Akismet to limit spam. Find out how your comments are approved.

Maybe you are interested

Alameda withdraws $204 million from FTX US a few days before the exchange crash

Alameda Research reportedly withdrew the most funds from FTX US, days before the crypto exchange filed...

FTX faces criminal and civil investigation in Bahamas

The Minister of Justice revealed that there is an ongoing criminal and civil investigation into FTX.General...

Binance has 582,485 bitcoins in reserve

Binance launched proof-of-reserves system, before the crash of FTX.Binance launched proof-of-reserves, starting with bitcoin, to prove...

Cryptocurrency exchange Bitget recruiting 400 new employees to expand into Africa

Bitget is growing where other competitors are dying. The exchange is increasing its staff by 50% to...

Binance CEO believes the market will recover in 2023

After a tumultuous 2022, Binance CEO Changpeng Zhao (CZ) believes that the crypto market in 2023 will be very...

Related posts

- Advertisement -