The cryptocurrency exchange FTX, which initiated bankruptcy proceedings at the end of 2022, owes over $3.1 billion to its largest investors. According to Bloomberg, the new management of the company is attempting to convert digital assets into cash to settle with creditors.

By the end of 2023, the total debt to affected FTX users had increased to over $4.4 billion. Additionally, the exchange needs to settle debts with investors of its subsidiary companies - FTX Trading Ltd. and Alameda Research.

Official representatives of the crypto company are currently not providing comments and are keeping the details secret. In December, FTX sold a portion of its digital currencies for approximately $1.8 billion.

Based on estimates by the investment firm Cherokee Acquisition, the crypto company may not be able to fully repay its debts, and investors may realize that their losses will exceed the compensations they will receive.

The bankruptcy process of FTX is currently under consideration in a Delaware state court.