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New FTX CEO John J. Ray III said that FTX's internal controls and record keeping were improper. FTX advisors are working to find the company's cash and cryptocurrency and have found about $740 million of crypto in its cold wallet.
In addition, John J. Ray III said the audited financial statements in the company should not be trusted, and the advisors are working to rebuild the balance sheet for the FTX. Advisers do not know how much cash FTX Group had at the time of the bankruptcy filing, but so far have found about $560 million attributed to FTX entities.
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