FTX Unloading Crypto To Raise Cash, Pay Back Customers
FTX, a fraudulent crypto firm, is hoarding cash and unloading cryptoassets to repay customers whose accounts have been frozen since the platform’s collapse in 2022. The company’s four largest affiliates, including FTX Trading Ltd. and Alameda Research LLC, nearly doubled the group’s cash pile to $4.4 billion at the end of 2023.
FTX raised $1.8 billion through December 8 by selling digital assets and conducting Bitcoin derivative trades. The company is exploring options to restart the exchange. Since the platform’s collapse, bankruptcy advisers have been tracking down assets and striking deals to benefit smaller accounts.
(With inputs from Shikha Singh)
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