FTX locates $1 billion in assets with $720 million in cash amidst the bankruptcy

FTX continues to fight for a rebound amid its bankruptcy issue. Meanwhile, the new management has announced allocating $1 billion in assets with $720 million in cash. The objective is to resolve the financial shortcomings of the platform by accessing several bank accounts.

As per the shared update, the US Department of Justice was authorized to hold funds during the procedural hearing. Furthermore, the United States institutions are already holding back $500 million. Mary Cilia, the newly appointed Chief Financial Officer of FTX, was in attendance during the bankruptcy proceedings.

Many highlighted that the management is attempting to reach out to banks and change the authorized signatories so that funds are accessed to resolve the financial shortcomings of the platform.

Another purpose is to ensure that cash is moved to an authorized depository institution. According to a figure quoted by Mary Cilia, approximately $130 million is stuck in Japan under the local regulations for local customers. Only $6 million is available for operational expenses. To get the latest updates regarding any major best crypto exchanges with their unbiased reviews, visit CryptoNewsZ.