Both FTX and FTX.US have large deficits in assets

So far, of the $2.2 billion in assets in accounts, only $694 million is “highly liquid.”

Both FTX and FTX.US have large deficits in assets

In his latest report to stakeholders on the ongoing bankruptcy proceedings, new FTX CEO John J. Ray III revealed the extent of a “huge” deficit discovered in bank accounts. and crypto wallet related to FTX exchange and US branch platform is FTX.US.

Initial reports claim that the crypto exchange founded by Sam Bankman-Fried is missing nearly $8.7 billion in assets to meet customer refund requests.

Crypto assets that the exchange is controlling

FTX currently has only about $2.5 billion in total assets. However, only $694 million of that is “class A” assets, which are highly liquid, including cash, stablecoins, BTC, ETH, and other large-cap altcoins. The remaining $385 million is related to receivables from customers, loans to Alameda Research and some other parties and will take a long time to settle.

Meanwhile, “class B assets”, including illiquid tokens in the exchange’s portfolio such as FTT, MAPS, SRM, FIDA, have book value as of 11/11/2022 (the time of the platform). bankruptcy) is $1.4 billion, but at this point it is impossible to guarantee that they will maintain this value.

If all class B assets are ignored, FTX’s liabilities will amount to 9.4 billion USD.

According to the report, the investment fund Alameda Research is the organization that owes the most money to FTX with 12.8 billion USD, but at the same time, Alameda also lent back 3.5 billion USD. Altogether, Alameda is obligated to pay FTX $9.3 billion – roughly the amount FTX owes its customers and true to the allegation that FTX lent money to Alameda users and resulted in a loss.

Statistics of organizations that are owed money by FTX (left column) and organizations that are owed money by FTX (right column)

During the one-week period leading up to the bankruptcy event, FTX customers withdrew up to $7.2 billion.

Statistics of deposits and withdrawals to FTX from November 1 to the bankruptcy date of November 11, 2022

At the same time, FTX.US also reported a deficit of $191 million in assets in exchange-related wallets, $28 million in customer receivables, and $155 million from related parties. In addition, Alameda Research owes FTX.US $107 million.

CEO Ray once said that since taking office, he has not been able to find any lists or records that fully list bank accounts, income, insurance and company personnel. Therefore, the above figures are only preliminary information and are subject to change in the future.

On the other hand, the report also updates the amount of liquid assets recovered. The exchange has successfully located and recovered $ 6.1 billion, up from $5.5 billion last month. The bankruptcy unit also recovered $202 million held by Alameda, $125 million in stablecoins, and $57 million in cryptocurrencies from its subsidiaries.

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