FTX’s estimate of its cash holdings more than doubles to $1.24 billion as bankruptcy hearing set to begin

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  • FTX’s new administration estimates of cash holdings have practically doubled, in accordance to courtroom filings. 
  • The discovery of a further $564 million brings the entire to $1.24 billion. 
  • FTX begins its bankruptcy proceedings in courtroom on Tuesday 

The estimate of cash held by FTX has practically doubled forward of the corporate’s first courtroom hearing on Tuesday, in accordance to a Saturday submitting first reported by the Financial Times. 

The discovery of a further $564 million brings the entire to $1.24 million as the world’s second largest cryptocurrency change begins bankruptcy proceedings. Consultants for FTX have been ready to monitor down more cash holdings by figuring out and linking financial institution accounts to both FTX instantly or affiliate corporations. 

Roughly $400 million of the lately recognized cash holdings was positioned in accounts managed by Alameda Research, the buying and selling arm of Sam Bankman-Fried’s fallen crypto empire. 

Lawyers and advisers have scrambled to find as a lot cash as potential earlier than courtroom proceedings begin, whereas new chief government John Ray III has criticized the corporate’s lack of transparency and file preserving below Bankman-Fried’s management. 

FTX filed for Chapter 11 bankruptcy safety on November 11, shortly after a liquidity disaster crippled the change and sparked a slew of investigations into allegations of Bankman-Fried’s mishandling of consumer funds. 

Read the unique article on Business Insider

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