As FTX was filing for Chapter 11 bankruptcy in the U.S. on Friday, investors were still reviewing the company’s private financial documents.
As FTX Trading Ltd. was filing for Chapter 11 bankruptcy in the U.S. on Friday, investors were still reviewing the company’s private financial documents.
FTX’s Chapter 11 filing said that approximately 130 affiliated companies have commenced voluntary proceedings. But the crisis has ensnared many others outside its immediate circle such as lender BlockFi, a troubled digital-asset lender once worth US$3 billion but which has now limited activity on its platform. The company paused client withdrawals late Thursday, citing “a lack of clarity” over the status of FTX US as well as the uncertainty afflicting FTX.
“This data room was put together quickly,” said one source who had engaged with FTX in the past day. “There were some huge demands put on Sam. He is under extreme stress.” “These are rough values, and could be slightly off,” one statement reads, in regards to the company’s balance sheet. “There is also obviously a chance of typos, etc,” the Microsoft Excel spreadsheet authored by Bankman-Fried goes on to say.
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