Sam Bankman-Fried, the boss of the FTX exchange, who announced that he had filed for bankruptcy protection last week, continues to seek money to save the stock market.
On the other hand, new data about the sunken stock market continue to emerge every day. Kaiko’s Conor Ryder announced his research data on the liquidity situation of the stock market today.
Conor Ryder, in his research study, concluded that the liquidity problem of the crypto exchange is bigger than known. Ryder explained that FTX’s liquid assets have only 2% depth.
“According to the Financial Times report, FTX holds $28 million worth of DOT, $23 million worth of PAXG and $12 million TUSD as liquid classified assets. As of this morning, the total 2% bid depth for these 3 cryptocurrencies is just $7 million.”
The FTX exchange suffered a cyber theft of approximately $475 million after filing for bankruptcy. The sunken stock market currently has liabilities of $9 billion. According to official data, the liquid assets on hand are only $1 billion.
“FTX Will Not Pay”
The famous youtuber Coffeezilla, which follows fraud and hacker cases around the world, claimed that it is not possible for FTX to pay its customers in the future.
🚨FT – FTX held less than $1Bn in liquid assets against $9Bn in assets BUT— THAT WAS BEFORE THE HACK LAST NIGHT!
Situation is now SIGNIFICANTLY worse. Customers will likely get nothing. h/t @kadhim
— Coffeezilla (@coffeebreak_YT) November 12, 2022
FTX, one of the favorite exchanges of recent years, went into bankruptcy in just two weeks, while everything was thought to be fine. Crypto investors are very nervous that a similar situation will occur on other platforms.
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