The new management team of bankrupt cryptocurrency exchange FTX has reportedly claimed it has over $1 billion in cash assets held by U.S. financial institutions.
The team is also seeking to retrieve millions of dollars in political and charitable contributions made by former CEO Sam Bankman-Fried.
FTX has identified $720 million in cash assets in U.S. financial institutions that have been authorized by the U.S. justice department to hold funds, but which FTX has not consolidated.
Another $500 million in cash assets is already held by various institutions in the U.S. The company is working to gain access to these assets in order to resolve its current financial difficulties.
FTX’s new CFO, Mary Cilia, testified under oath that around $130 million is being held in Japan for local customers, while another $6 million in assets is being kept for operational expenses.
The new team is also requesting the return of donations made by Bankman-Fried, who publicly contributed almost $40 million primarily to Democratic Party candidates.
If these contributions are not returned voluntarily, FTX will take legal action to require their return. FTX and Alameda Research filed for Chapter 11 bankruptcy protection on November 11, causing users and investors worldwide to lose billions of dollars.