cryptonews: FTX's new management has found assets worth less than 7% of what the bankrupt exchange owes its customers. 👀
FTX's new management has found assets worth less than 7% of what the bankrupt exchange owes its customers.
In a preliminary analysis prepared for the court, FTX has been able to locate just $694 million worth of "Category A" liquid assets like cash, stablecoins and Bitcoin. It owes customers $10.54 billion."There is a massive shortfall at the FTX exchange [that is] especially pronounced for Category A assets. Only a small amount of cash, stablecoins, BTC , ETH and other Category A assets remain in wallets preliminarily sourced to the FTX.com exchange… The shortfall is smaller at FTX.
Other FTX-related companies, most notably Bankman-Fried's private trading firm Alameda Research, owe $13 billion. Adding in Category B assets of more questionable liquidity and value in the amount of $1.46 billion, the company is about $8.7 billion short.FTX.US has $190 million in Category A assets and owes $335 million — a shortfall of $116 million. It has no Category B assets.
Since he resigned as CEO, Bankman-Fried has stated a number of times that FTX.US should be about $350 million in the black.On Feb. 28, FTX engineering head Nishad Singh became the third top FTX/Alameda executive to
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