FTX Group interim financial update contradicts court filing, shows exchange had $1.43B in cash News ▸ US ▸ FTX ▸ Bankruptcy
FTX Group interim financial update contradicts court filing, shows exchange had $1.43B in cash
Roughly 40% of FTX Group employees have been cut since the end of 2022 as administrators continue to sift through bankruptcy aftermath.
1 min read
Updated: Feb. 1, 2023 at 12:31 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
FTX Group released an interim financial update showing the company held $1.43 billion in cash at the end of 2022 — higher than the $1.24 billion reported on Nov. 20, 2022, according to a court filing.
Sister company Alameda Research reported $876.6 million in the filing, as opposed to $401 million reported in November 2022.
FTX headcount drops
The number of FTX Group employees fell to 195 by the end of 2022 — a fall of roughly 40% from 320 on Nov. 11, when the firm filed for bankruptcy.
Administrators are currently assessing the aftermath of the FTX bankruptcy to determine how much can be returned to creditors.
The interim financial update provides a glimpse into the current state of FTX Group and gives a snapshot of what the future may hold for all those affected by the bankruptcy — customer and creditor alike.
FTX creditors
FTX revealed its complete list of creditors on Jan. 25 — withholding names of roughly 9.6 million users in accordance with a court order.
These creditors included notable crypto firms, U.S. and international government agencies, banks, investment firms and hospitality companies.
Among the creditors, notable crypto firms — having filed for bankruptcy themselves — including BlockFi, Genesis Global and Voyager Digital were also listed.
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Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.