QCP Capital, a crypto trading firm based in Singapore, has at least $97 million stuck on FTX after the crypto exchange filed for bankruptcy last month.

In an effort to recoup some cash, QCP is attempting to sell a claim on the frozen funds to distressed asset buyers, two sources with knowledge of the matter told The Block.

Last month, QCP said it has exposure to FTX but did not disclose the amount. The firm at the time said it had active trading positions on FTX and was able to withdraw "a substantial amount of assets" while leaving some stuck. 

"We have sufficient equity to absorb the impairment from the position," a QCP spokesperson said, while declining to comment on the value of the frozen funds. "The impairment does not impact our clients nor our counterparties. Withdrawals remain open and trading continues as usual. Our business remains profitable and healthy."

(by Benjamin Robertson and Yogita Khatri)