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Bankrupt Crypto Exchange FTX Had Around $1.4B Cash at End of 2022
The figure is around 19% higher than the $1.2 billion reported in November when FTX filed for bankruptcy protection.
Updated May 9, 2023, 4:07 a.m. Published Feb 1, 2023, 9:06 a.m.
Bankrupt cryptocurrency exchange FTX had around $1.4 billion in cash as of the end of 2022, according to an interim financial update filed on Wednesday.
The figure is around 19% higher than the $1.2 billion reported in November when FTX filed for bankruptcy.
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Amongst the various arms Sam Bankman-Fried's fallen crypto empire, FTX US has $260 million in cash. Bankman-Fried has repeatedly claimed that the U.S. wing is solvent. Last month he blogged that FTX US "had at least $111 [million], and likely around $400M, of excess cash on top of what was required to match customer balances."
"Customer balances are likely around $199M, and certainly less than $497M (which they were a day earlier before massive withdrawals)," he added.
According to the latest update, FTX's headcount has dropped from 320 at the time of the bankruptcy filing to 195 by year's end.
Following FTX's failure last year, Bankman-Fried was arrested and is currently on bail facing charges including wire fraud and money laundering. He has pleaded not guilty, with the trial set for October.
Read more: US Senators Press Crypto Bank Silvergate on Ties to FTX: Bloomberg
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The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
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