The FTX management tracks down bar stocks of USD 1.24 billion

The new FTX management team has found more cash that belongs to the bankruptcy crypto conglomerate, which brings the balance to $ 1.24 billion, while consultants hurry to identify the company's assets before a hearing before a hearing court later on Tuesday.

Edgar Mosley, a senior employee of the advisory company Alvarez & Marsal, said teams who worked on tracking down the assets of the struck crypta group had found “significantly higher cash credit” in court files than were previously known.

The company estimated in the documents submitted on Saturday that it was $ 564 million bank credit after determining the amounts to 144 of the 216 bank accounts that had connected it to FTX and more than 100 associated companies.

Mosley said that consultants have been able to check more balances since then, and Alvarez & Marsal would continue to "identify and check the company's assets and check [FTX Group] on the continuous basis".

The updated cash numbers show the extent of the still ongoing efforts by the insolvency administrators to get the FTX financial situation under control. The group's new chairman of the board, the long-serving insolven expert John Ray III, has criticized the previous management under Sam Bankman-Fried for "complete lack of trustworthy financial information".

The new number of cash registers contains about $ 400 million on accounts of Bankman-Fried's trading company Alameda Research, which were not included in the previous balance sheet.

Insolvency practitioners also fought to secure the stock of digital tokens from FTX in the face of cyber attacks. On Tuesday, the company applied to the US bankruptcy court to approved a sealed application "in the face of the risk of cyber attacks and other malicious activities" in order to allow "certain actions". . . in connection with valuable assets that represent a significant share in the company's assets.

The court hearings on FTX bankruptcy will begin later on Tuesday before the Federal Supreme Court in Delaware, where the crypto empire led by Bankman-Fried with headquarters in Nassau applied for protection according to Chapter 11 at the beginning of this month.

The bankruptcy includes assets and liabilities of at least $ 10 billion and, according to previous court records, could include more than 1 million creditors.

The collapse of FTX sent shock waves through the digital asset sector. Genesis, a large crypto broker and lender, stopped the withdrawals in his lending business last week after it had admitted a loss of $ 175 million due to FTX's failure.

The company, which belongs to the Digital Currency Group of the billionaire Barry Silbert, said on Monday that "continues to have constructive conversations with creditors" and "have no plans to register immediately".

Bitcoin, the largest cryptocurrency, fell below $ 16,000 and was traded at $ 15,692. The explanation of Genesis increased the fears on the cryptoma markets that the full domino effect of the collapse of FTX has not yet been used.