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    Home»News»Bankrupt FTX Group Holds $1.2B Cash Reserves
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    Bankrupt FTX Group Holds $1.2B Cash Reserves

    Anietie DavidBy Anietie DavidNovember 22, 2022Updated:November 22, 2022No Comments2 Mins Read
    Bankrupt FTX Group Holds $1.2B Cash Reserves
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    Bankrupt FTX Group and its affiliates had a total cash balance of $1.24 billion as of November 20, as per its bankruptcy filing. The bankrupt crypto exchange FTX owes around $3.1 billion to its top 50 creditors.

    According to court filings, the different divisions of Sam Bankman-failing Fried’s group of firms had $1.2 billion in cash as of Nov. 20, a significant amount less than the $3.1 billion it owes its top 50 creditors.

    FTX Japan had a cash position of $171.7 million, while notorious trading firm Alameda Research and related entities’ cash balances total over $401 million, according to a Bloomberg investigation. The split was discovered in the paper by Alvarez & Marsal North America LLC, FTX’s prospective financial advisor.

    The filing also mentioned that the cash balance total as of Sunday was “significantly larger” than debtors could verify four days earlier. According to a different Reuters source, the cash flow will be reduced by $20 million to $459 million.

    Earlier, a document from its Chapter 11 bankruptcy protection proceedings disclosed that FTX owes its 50 biggest creditors approximately $3.1 billion. The top ten creditors alone are each owed more than $100 million by the bankrupt company. They owe a total of $1.45 billion. The greatest single claim was for $226 million, while the second largest was for $203 million.

    There have been a number of shocking revelations since its bankruptcy filing. Following Bankman-Fried’s resignation, the company’s current CEO John J. Ray III accused the internal operations of grave mismanagement.

    Delaware to Handle a Portion of the FTX Restructuring Case

    According to a recent court document, the Bahamas court has decided to send a portion of the restructuring case for FTX to a US court in Delaware. According to documents filed by FTX lawyers in US Bankruptcy Court in Wilmington, Delaware, the Bahamas court-appointed liquidators for one affiliate of the company dropped their opposition to having a case moved from New York to Delaware, where over 100 units are under the supervision of a federal judge.

    This comes after the liquidators asked the federal judge to formally acknowledge and support their restructuring action in the Bahamas by filing a bankruptcy case in Manhattan.

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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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