Collapsed crypto exchange FTX has about $1.24 billion of cash in total — but still owes at least $3.1 billion - CNBC

FTX's immense web of entities had a full of astir $1.24 cardinal successful currency balances arsenic of Nov. 20, according to a caller tribunal filing retired precocious Monday.

The filing was penned by Alvarez & Marsal North America, which is advising FTX connected restructuring efforts aft the speech filed for bankruptcy extortion earlier this month.

Edgar Mosley, managing manager astatine Alvarez & Marsal North America, said FTX and his squad managed to hint "substantially higher currency balances" than they had initially been capable to place by Nov. 16.

The balances see FTX and its assorted "silos," ranging from the trading radical Alameda Research to planetary subsidiaries. The largest sum, $393.1 million, comes from Alameda Research Ltd. The second-biggest equilibrium is $303.4 cardinal successful LedgerX, a derivates level FTX owns.

FTX's Japanese unit, FTX Japan K.K., has astir $171.7 cardinal successful currency connected its books, making it the third-biggest root of currency for the company. The currency is held by FTX and its affiliates with banks and different fiscal institutions, Mosley said successful the filing.

The wide equilibrium represents a marked shortfall connected the billions FTX owes its creditors. A abstracted filing connected Saturday said the institution owed $3.1 cardinal to its largest 50 unsecured creditors.

It is not wide however FTX volition rise the currency needed to capable that gap. Sam Bankman-Fried, FTX's laminitis is trying to negociate a multibillion-dollar deal with investors to bail retired FTX, adjacent aft being booted from the firm.

Bankman-Fried has been accused by his manufacture peers of flagrant mismanagement and fraud.

John Ray III, his replacement, gave a damning relationship of FTX's demise past week, saying successful a filing that galore of the FTX radical companies "did not person due firm governance."

Ray is present seeking to sell oregon restructure the planetary FTX group.

FTX's caller absorption is expected to look successful the Delaware bankruptcy tribunal aboriginal Tuesday to recount the events that led up to the cryptocurrency platform's abrupt illness and explicate the steps it has since taken to unafraid lawsuit funds and different assets.

Bitcoin sunk to two-year lows Tuesday arsenic integer coins continued to reel from the fallout from FTX's demise. The cryptocurrency was trading astatine astir $15,480, its lowest constituent since Nov. 11, 2020.