Cryptocurrency exchange FTX, which has filed for U.S. bankruptcy court protection, had a total cash balance of $1.24 billion as of Nov. 20, according to a court filing on Monday.
FTX will see a drop in its cash flow by $20 million to $459 million by Dec. 23, from $479 million as of Nov. 25, the filing said.
In an earlier court filing, FTX had said that it owes its 50 biggest creditors nearly $3.1 billion.
Investors are piling into bearish cryptocurrency bets, wagering that the collapse of Sam Bankman-Fried’s crypto empire will further ravage the asset class. And the former co-head of Alameda Research, Sam Trabucco, used poker and black-jack strategies to trade, according to his tweeting history.
Read more: Bitcoin drops to 1-week low as FTX collapse ripples through crypto market
Bitcoin rose 2.4% to trade above $16,000, after previously reaching the lowest level since November 2020.
The former co-head of Alameda Research made it clear that poker and black-jack tables were where he honed the gambler’s instincts he applied to cryptocurrency trading.
“I may or may not be banned from 3 casinos for this,” Sam Trabucco once tweeted about counting cards at black jack tables. Trabucco, who hasn’t publicly been accused of any wrongdoing, abruptly stepped down as co-chief executive officer in August, leaving Caroline Ellison as Alameda’s sole CEO.
