HomeNews$1.24 billion in cash found on FTX

$1.24 billion in cash found on FTX

The company had previously estimated that it had $564 million in bank balances. Hearings in the case were held in federal court in Delaware, United States.

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FTX Group’s new management team was able to identify more cash belonging to the cryptocurrency exchange, which now brings the total to $1.24 billion, Edgar Mosley, an executive at consulting firm Alvarez & Marsal, said in a court filing.

As reported by the Financial Times, Mosley noted that “substantially higher cash balances” were identified than previously disclosed. He went on to say that advisors are still verifying more balances and that his firm continues to “identify and verify FTX Group assets.”

The latest cash account includes $400 million in accounts owned by former FTX CEO Sam Bankman-Fried’s Alameda Research brokerage firm. The United States federal court in Delaware is expected to hold hearings in the case later today.

The company had previously estimated that it had $564 million in bank balances after it identified amounts held in 144 of the 216 bank accounts it had linked to FTX and over 100 affiliated companies.

The update to the cash data shows the scale of the efforts still underway by the professionals employed in the FTX bankruptcy. The group’s new CEO, John Ray III, criticized the previous management under Sam Bankman-Fried for a “complete lack of reliable financial information.”

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