bankrupt cryptocurrency stock market FTXIt owes approximately $3.1 billion to its 50 largest creditors.
According to court documents, Sam Bankman-FriedAs of November 20, various divisions of the disbanding companies of 1.2 billion dollars He has cash, which he owes to his 50 largest creditors. 3.1 billion dollars very below.
Sam Bankman-Fried’s Failed FTX Empire Holds $1.2 Billion in Cash Reserves
FTX’s financial advisor Alvarez & Marsal North America Of that, about $751 million is held by debtor organizations, and the remaining $488 million is held by non-debtor institutions, according to the document filed Monday by.
Approximately $514 million of unrestricted cash, $260 million of escrow and $465 million of restricted cash is reserved for certain purposes such as loan repayments and cannot be used for general business purposes.
Crypto exchange FTX, its sister company Alameda ResearchIt fell out of favor in the past few days after it was revealed that most of the assets of the crypto exchange were tokens.
The exchange filed for Chapter 11 bankruptcy in US courts on Nov. 11, and said some companies under the FTX umbrella have also filed for bankruptcy protection.
FTX may have over 1 million creditors and owes about $3.1 billion to the 50 largest companies, according to another court filing.
Alameda Research has the largest cash reserve among all organizations with $393 million, while FTX Japan has the largest cash reserves among FTX companies with $171 million.
The Japanese crypto exchange is reportedly preparing to restart withdrawals by the end of the year.
*Not investment advice.
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