FTX has more than $1 billion in cash, creditors were informed.

According to information provided to creditors on Tuesday, FTX management are now attempting to recover hundreds of millions of dollars in cash from dozens of bank accounts in an effort to salvage the situation of the defunct cryptocurrency exchange.

The company's new management, which seized command when FTX founder Sam Bankman-Fried quit on Nov. 11, claimed to have discovered substantial assets of more than $1 billion at a preliminary hearing on Tuesday. The exchange has not yet consolidated the approximately $720 million in cash assets that the firm located in U.S. financial institutions that are approved by the U.S. to keep money. Office of Justice. Institutions in the United States already have another amount of nearly $500 million.

“We are reaching out to all of those banks and changing the signatories on the accounts so that we can get access to the accounts and move the cash as much as we can to authorized depository institutions,” Throughout a portion of the bankruptcy court, Mary Cilia, FTX's new chief financial officer, made a statement while speaking under oath.

According to Cilia, over $130 million in cash is held hostage in Japan, where local restrictions have primarily ring fenced funds for local clients.

She said that the majority of the remaining $423 million at unregistered U.S. institutions are at a single broker, though she declined to name the broker, and that an additional $6 million is being maintained for administrative costs including salaries. According to Cilia, $485 million is already in a licensed deposit facility.

According to Steve Coverick, a senior director at FTX's financial advisors Alvarez & Marsal, there are “ongoing efforts” to locate the firm's foreign cryptocurrency holdings and move those to cold wallets utilizing custodial service providers like Bitgo.

The Chapter 11 bankruptcy procedures were expected to wrap up the exchange, but they have become more difficult due to Bankman-allegedly Fried's lax record-keeping and administration. According to Coverick, the firm's management change had to go over customer conditions of service that were kept in several locations, including Google Drive and Slack.

According to Cilia, the company is currently anticipates being capable of filing the declaration of assets and fiscal position that is necessary under American bankruptcy law in April. The business is still figuring out how many workers it has globally, putting the number at 220—and how much money was taken out prior to the insolvency.

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