In news that should surprise no one, the new FTX management team has found over $1 billion in assets squirreled away all over the world by the now insolvent crypto exchange.
This ain't your grand-parent's couch cushions:
FTX, the insolvent CeFi exchange, has unearthed $1B worth of assets including $720M in cash stored in hundreds of bank accounts, the company said in a court hearing on Tuesday.
FTX’s new management team, who took control of the company on Nov. 11 under bankruptcy court proceedings,said the cash is held in various U.S. financial institutions and that Bahamas-based FTX has access to an additional $500M.
“We are reaching out to all of those banks and changing the signatories on the accounts so that we can get access to the accounts and move the cash as much as we can to authorized depository institutions,” said Mary Cilia, FTX’s new CFO.
Cilia said that an additional $130M worth of fiat cash is held by Japanese institutions. However, she said Japanese regulators are earmarking those funds to redeem local FTX customers.
Gee, they didn't keep their assets in cryptocurrency? There's a shocker.
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