The new executives of cryptocurrency exchange FTX said the exchange has more than $1 billion in cash assets.
Speaking at a meeting with creditors, FTX executives stated that they are trying to get assets back from frozen accounts at banks.
FTX Has More Than $1 Billion
The new management, who took over after Sam Bankman-Fried’s resignation on November 11, said that the company had over $1 billion in cash assets during a session on the bankruptcy.
The company has identified $720 million in cash assets in various US financial institutions, which the stock market has not yet consolidated. About $500 million in assets are already held in various US institutions.
Mary Cilia, FTX’s new chief financial officer, said:
“We are reaching out to these banks and changing the signatures on the accounts so that we can access the accounts and transfer more money to the authorized depository institutions when possible”
Cilia said that in Japan, $130 million in cash is frozen.
FTX founder Sam Bankman-Fried remains in detention in the Bahamas. The SBF is scheduled to be returned to the United States shortly. It is among the information received that the SBF will not object to such a decision.