Its customers’ accounts have been frozen since the cryptocurrency exchange collapsed in November 2022. One report said that FTX’s largest affiliate had $4.4 billion in cash reserves as of the end of last year.
The increase in FTX’s cash reserves is due to the fact that the value of customer accounts has been rising: over the weekend, customer claims worth up to more than $1 million were trading at about 73 cents, compared with 38 cents in October 2023.
However, FTX's insolvency team said it was impractical to determine the exact value of each client's portfolio because there were so many claims.
"It is simply unrealistic for debtors to liquidate every one of the millions of claims based on digital assets," FTX said in a filing.
