202222 Nov

Collapsed crypto exchange FTX has about $1.24 billion of cash in total — but still owes at least $3.1 billion


FTXs vast web of entities had a total of around $1.24 billion in cash balances as of Nov. 20, according to a new court filing out late Monday. Sam Bankman-Fried, FTXs founder is trying to negotiate a multibillion-dollar deal with investors to bail out FTX, even after being booted from the firm. John Ray III, his replacement, gave a damning account of FTXs demise last week, saying in a filing that many of the FTX group companies "did not have appropriate corporate governance." FTXs new management is expected to appear in the Delaware bankruptcy court later Tuesday to recount the events that led up to the cryptocurrency platforms sudden collapse and explain the steps it has since taken to secure customer funds and other assets. Bitcoin sunk to two-year lows Tuesday as digital coins continued to reel from the fallout from FTXs demise.

Source: Cnbc