The FTX management team has reportedly identified over $1 billion in cash held by U.S. financial institutions and is seeking to reclaim millions of dollars in political and charitable contributions made by former CEO Sam Bankman-Fried.
FTX has identified $720 million in authorized funds, while another $500 million is held by other institutions in the U.S. The company is working to gain access to these assets to pay off its financial obligations.
Mary Cilia, FTX’s new CFO, testified that $130 million is being held in Japan and $6 million is kept for operational expenses.
Furthermore, the team is asking for the return of the $40 million in political contributions made by Bankman-Fried, with legal action pending if the donations are not voluntarily returned.
Following the Chapter 11 bankruptcy filing of FTX and Alameda Research on November 11, users and investors have lost billions of dollars.
