BlocksInform
A provisional financial update revealed that FTX Group companies in bankruptcy held $1.43 billion in liquid assets at the end of last year.
The court filing viewed by Bloomberg showed a higher cash balance on 31st December 2022 than a $1.24 billion tally as of 20th November.
- Its sister company, Alameda Research, had a cash balance of $876.6 million, down from $401 million in November.
- In addition, employees in the conflict group went from 320 to 195 at the end of the year when ftx applied for chapter 11 protection in the U.S.
- Its former Chief, Sam Bankman-Fried, pleaded not guilty to fraud charges levied against him by regulators in the country. He was freed on bail of $250 million guaranteed by his parents' home in Palo Alto.
- The new owners of ftx are working to close the business of no less than 134 entities around the globe.
- Meanwhile, the US Department of Justice (DOJ) claimed that Bankman-Fried attempted to contact and potentially “influence” the witness testimony of FTX US General Counsel Ryne Miller via the encrypted messaging app Signal.
- This prompted prosecutors to file a motion that changed bail conditions for the disgraced founder to prevent contact with FTX employees and the use of applications as a signal.
- Bankman-Fried also tried to organize an in-person meeting with its current CEO, John Ray, in recent weeks, according to the text and email messages released by the prosecutors.
- Events following the FTX explosion have had a significant negative impact on the cryptography market and the industry's reputation. Regulators around the world are now insisting on putting more safeguards in place to protect investors from harm and the potential for contagion.
