FTX Group has cash balance of $1.24 billion, new bankruptcy filing shows

Quick Take

  • FTX Group has a combined cash balance of $1.24 billion, a new bankruptcy filing shows.
  • That’s far below the $3.1 billion FTX Group owes its top 50 creditors.

FTX Group, which filed for Chapter 11 bankruptcy protection on Nov. 11, has a combined cash balance of $1.24 billion, according to a new court filing.

The filing, submitted late Monday by FTX Group's proposed financial advisor Alvarez & Marsal North America LLC, shows an updated summary of the group's cash balances as of Nov. 20. The latest figures are "substantially higher cash balances than the Debtors were in a position to substantiate as of Wednesday, Nov. 16," it reads.

The cash balances are divided among four silos — the Alameda silo, dotcom silo, ventures silo and West Realm Shires (WRS) silo — and include amounts of both their debtor and no-debtor entities. About $751 million is held in debtor entities and the rest, $488 million, is in non-debtor entities, per the filing.

The cash balances are far below the $3.1 billion FTX Group owes its top 50 creditors. The group may have more than a million total creditors, a previous court filing indicated. A Financial Times report recently said that FTX had only $900 million in liquid assets against $8.9 billion in liabilities on the eve of bankruptcy.


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FTX Group collapsed amid a sudden liquidity crisis. The crypto exchange operator reportedly tapped customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting up its implosion.

Seeing FTX's dire state, its new CEO, John J. Ray III — Chicago-based attorney known for overseeing the liquidation of Enron — recently said never in his career has he seen "such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."

"From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented," Ray said.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.


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