FTX is unloading crypto to raise cash and pay back customers

FTX is unloading crypto assets and hoarding cash as bankruptcy advisers look for a way to repay customers whose accounts have been frozen since the platform collapsed in 2022.

The fraud-tainted crypto firm’s four largest affiliates — including FTX Trading Ltd. and Alameda Research LLC — together nearly doubled the group’s cash pile to US$4.4 billion at the end of 2023 from about US$2.3 billion in late October, according to Chapter 11 monthly operating reports. The company’s total cash is likely higher including the rest of its affiliates.