FTX Latest – Crypto Prices Settle But FTX Only Has $1.24 Billion Cash, Bahamas and SBF Link, Genesis on Brink, FTX Japan Withdrawals
Court filings show that FTX debtor companies have a total cash balance of just $1.24 billion.
News has also emerged that US prosecutors were investigating FTX well before the company collapsed.
A summary of the balances drawn up by business consultancy firm Alvarez & Marsal and filed by Edgar Mosley who supervises the team, details entries by each of the four silos previously identified and reported to the court by FTX CEO John Ray.
The Alameda silo has $400 million; Dotcom silo $255 million; ventures silo $8.6 million; and the WRS silo $86 million.
Total debtor accounts amounts to $751.5 million and non-debtor accounts $487.7 million.
The non-debtor accounts includes FTX Digital Markets, FTX Philanthropy, Embed Clearing, Embed Financial Technologies and LedgerX – all those entities are thought to be solvent according to previous determinations filed at the court by CEO Ray at the weekend.
The exact cash balance overall is $1,239,306,000.
The 134 companies in the FTX group that have filed for Chapter 11 in the US and are estimated to have liabilities in excess of $10 billion.
Among the top 50 creditors alone, $3.1 billion is owed, so the cash shortfall before disposals is way below the amount required to make creditors whole.
Alvarez & Marsal also reported in its court filing that according to FTX and related companies’ tax returns they had a carryover federal net operating loss of a minimum of $3.7 billion, as at 31 December 2021.
FTX’s minimum state net operating loss carryforward was $715 million.
And in an effort to locate funds, FTX has requested that exchanges be on the look out for assets being deposited that are the result of unauthorized transfers, stating that any such assets should be returned to the "bankruptcy
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