FTX and its borrowers have publicly announced deficits in their fiat bank accounts and digital asset wallets linked to the FTX.com and FTX.US exchanges.
The extent of the vulnerabilities was disclosed in a filing in Chapter 11 cases today.
FTX’s Liquid Assets Rise to $6.1 Billion
The first presentation was made on January 17, 2023 and nominal money, stablecoin, Bitcoin or from Ethereum Total liquid assets, including Category A assets and FTT, were $5.5 billion.
The new submission updated information to $6.1 billion, excluding FTT from Category A assets. The presentation also details the steps taken by FTX Borrowers to identify and inventory wallets associated with exchanges, and FTX’s pre-litigation management shuffling assets.
Other assets include $385 million in customer acquisitions and significant claims against FTX’s sister company, Alameda Research, and related parties. The presentation also shows that Alameda has net borrowed $9.3 billion from FTX.com wallets and accounts.
FTX.US also revealed a deficit in assets with $191 million in total assets in wallets of exchange-related accounts, as well as $28 million in client receivables and $155 million in related party receivables.
The presentation does not make any predictions about customer refunds based on the preliminary information presented.
John J. Ray III, CEO and chief restructuring officer of FTX Borrowers, wrote in a press release:
“The assets of the stock exchanges are highly entangled and their books and records are incomplete and in many cases completely non-existent. For these reasons, it is important to emphasize that this information is still preliminary and subject to change.”
*Not investment advice.
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