FTX’s new management team have told a U.S. procedural hearing the company has over $1 billion in identified assets.
The executives are trying to claw back hundreds of millions of dollars in cash, from hundreds of bank accounts, as they seek to resolve the position of the crypto exchange.
The company located over $700 million in cash assets, which the exchange has yet to consolidate.
And these funds were located in U.S. financial institutions authorised to hold funds by the Department of Justice, whilst another $500 millions is being held in U.S. institutions.
The Chapter 11 bankruptcy hearings aim to wind up the exchange, but have been complicated by supposedly weak governance and poor record keeping under former CEO Sam Bankman-Fried’s reign.
The company has still not filed a statement of assets or of its financial position required under U.S. bankruptcy law, and currently estimates it will be able to do so in April.
