FTX had over $1,400,000,000 in cash at the end of 2023

Coindesk reports that FTX's interim financial report, which was released today, had a lot more cash in hand than they previously disclosed. At the end of 2022, according to published reports, FTX had over $1,400,000,000 in cash assets.

Cryptocurrency experts also noted that this is $200,000,000 more than previously announced. FTX claimed they had no more than $1,200,000,000. They provided such data during the filing for bankruptcy in the United States.

Previously, there was also information that the FTX.US division had at least $260,000,000 in its assets. According to Sam Bankman-Fried, who served as CEO of FTX, the subsidiary was solvent. According to SBF, FTX.US had $400,000,000 more cash on hand than needed to maintain liquidity in client funds.

In October, the collapse of the American cryptocurrency exchange FTX took place. First, the management of the site informed customers that it was limiting the ability to withdraw funds in BTC and asked them to withdraw their funds in USDT. At this point, the exchange token began to decline. Binance wanted to absorb the American exchange, but the deal did not take place. As a result, the owner of the Hong Kong exchange Changpeng Zhao announced that the exchange began to get rid of the FTT token, after which the coin dived to the $3 mark.

Sam Bankman-Fried was accused of scamming his team. He claims that he is not involved in what happened and he is engaged in his own investigation. According to him, he was close to revealing the scheme, but the authorities did not believe him. In the Bahamas, he was taken into custody and sent to prison.

A lawyer took the side of the SBF and asked to release the ex-head of FTX on $250,000 bail. When authorities disagreed, two unidentified individuals pledged $250,000,000 to have Bankman-Fried placed under house arrest. FTX approached Sullivan & Cromwell for legal assistance. Lawyers have 8 months to study the FTX case and try to defend them in court. As a result, lawyers can receive a fee of $100,000,000. SBF is accused of defrauding hundreds of thousands of investors and causing financial damage totaling $1,800,000,000.