FTX Has Over $1B in Cash, Creditor Meeting Told

The company’s new management, which took over when FTX founder Sam Bankman-Fried resigned Nov. 11, told a procedural hearing on Tuesday that it had over $1 billion in assets identified. The company located about $720 million in cash assets, which the exchange has yet to consolidate, in US financial institutions authorized to hold funds by the US Department of Justice. Another near $500 million is already being held in US institutions.

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