{"id":1748900,"date":"2022-11-23T06:05:11","date_gmt":"2022-11-23T11:05:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1748900"},"modified":"2022-11-23T07:33:08","modified_gmt":"2022-11-23T12:33:08","slug":"bankrupt-crypto-exchange-ftx-has-cash-balance-of-over-1-billion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bankrupt-crypto-exchange-ftx-has-cash-balance-of-over-1-billion\/","title":{"rendered":"Bankrupt Crypto Exchange FTX Has Cash Balance of Over $1 Billion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbankrupt-crypto-exchange-ftx-has-cash-balance-of-over-1-billion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1748900&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Bankrupt crypto exchange FTX has a cash balance in excess of $1 billion, according to a new filing by the company.<\/p>\n<p>The latest tally \u201cidentifies substantially higher cash balances than the debtors were in a position to substantiate as of Wednesday, Nov. 16,\u201d the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-22\/ftx-group-bankruptcy-filing-shows-cash-balance-of-1-24-billion\">filing<\/a> states, according to Bloomberg. In total, FTX is reported to have $1.24 billion in cash balance. While $751 million of the cash balance is held in debtor entities, the remaining $488 million is with non-debtor entities.<\/p>\n<p>Roughly $514 million is in unrestricted cash, while $465 million is in restricted cash that can only be used for specific purposes, like repayment of loans. In addition, $260 million is custodial, according to CoinDesk.<\/p>\n<p>The largest reserve of cash is at Alameda Research, co-founded by FTX founder <a href=\"https:\/\/www.theepochtimes.com\/t-sam-bankman-fried\">Sam Bankman-Fried<\/a>, which holds $393 million. FTX Japan held $171 million.<\/p>\n<p>The cash balance of $1.24 billion is far lower than the $3.1 billion the company owes to its top 50 creditors. The top three creditors alone are owed more than $500 million.<\/p>\n<p>In total, the company estimates that over a million creditors might be affected by the bankruptcy. At least 101 firms are part of the bankruptcy proceedings.<\/p>\n<p>FTX was forced to file for Chapter 11 bankruptcy after concerns about the company\u2019s balance sheet triggered a run on its deposits, which led to a liquidity crisis. The collapse of the crypto exchange has affected numerous big investors, including American pension funds.<\/p>\n<p>The Missouri State Employees\u2019 Retirement System, for example, is estimated to have lost $1 million on its <a href=\"https:\/\/www.theepochtimes.com\/missouri-state-pension-system-loses-money-due-to-ftx-bankruptcy_4877073.html\">investment<\/a> in FTX. The Pennsylvania Public School Employees Retirement Fund reportedly had an indirect exposure to FTX to the tune of $5 million.<\/p>\n<h2>Bankruptcy Proceedings<\/h2>\n<p>In a\u00a0<a href=\"http:\/\/newsfile.refinitiv.com\/getnewsfile\/v1\/story?guid=urn:newsml:reuters.com:20221119:nPn9sxwsFa&#038;default-theme=true\">news release<\/a>\u00a0on Nov. 19, FTX announced that it had launched a strategic review of its global assets. According to the review, many regulated or licensed FTX subsidiaries, both within and outside the United States, have \u201cbalance sheets, responsible management, and valuable franchises,\u201d the company\u2019s CEO John Ray said.<\/p>\n<p>Ray replaced Sam Bankman-Fried as FTX CEO and is overseeing the firm\u2019s bankruptcy proceedings. He is prioritizing the preservation of franchise value \u201cas best we can\u201d in such difficult circumstances.<\/p>\n<p>\u201cIt will be a priority of ours in the coming weeks to explore sales, recapitalizations, or other strategic transactions with respect to these subsidiaries, and others that we identify as our work continues,\u201d he added.<\/p>\n<p>In a recent <a href=\"https:\/\/www.cnbc.com\/2022\/11\/21\/sam-bankman-fried-tries-to-broker-ftx-bailout-from-his-bahamas-home.html\">interview<\/a> with CNBC, Bankman-Fried said that there are billions of dollars in customer assets in jurisdictions where there were \u201csegregated balances.\u201d In addition, there are \u201cbillions of dollars of potential funding opportunities\u201d to make customers whole.<\/p>\n<p>Venture capital investors told the media outlet that the former FTX CEO has been contacting them in hopes of securing funding.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-naveen-athrappully\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/NaveenAthrappully.jpg\" alt=\"Naveen Athrappully\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bankrupt crypto exchange FTX has a cash balance in excess of $1 billion, according to a new filing by the company.The latest tally \u201cidentifies substantially higher cash balances than the<\/p>\n","protected":false},"author":1,"featured_media":1695609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1748900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1748900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1748900"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1748900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1695609"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1748900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1748900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1748900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}