• FTX Group released an interim financial update showing the company held $1.43 billion in cash at the end of 2022.
• Sister company Alameda Research reported $876.6 million in the filing, as opposed to $401 million reported in November 2022.
• The number of FTX Group employees fell to 195 by the end of 2022 — a fall of roughly 40% from 320 on Nov. 11.
FTX Group, an exchange dealing in derivatives and cryptocurrency, has released an interim financial update showing the company had $1.43 billion in cash at the end of 2022. This is higher than the $1.24 billion reported on November 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.
Administrators are currently assessing the aftermath of the FTX bankruptcy to determine how much can be returned to creditors. The number of FTX Group employees has also significantly decreased, falling to 195 by the end of 2022. This is a decrease of 40% from 320 on November 11th, when the firm filed for bankruptcy.
FTX revealed its complete list of creditors on January 25th, withholding the 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 — included BlockFi, Genesis Global, and Voya.
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 — customers and creditors alike. Administrators are still in the process of assessing the aftermath of the bankruptcy. It remains to be seen how much will be returned to creditors, and what the lasting effects of the FTX bankruptcy will be.