“Their books and records are incomplete and often nonexistent at all,” current FTX CEO John J. Ray III said during the company’s current assets and liabilities presentation on March 2. said in
Amazingly, the latest presentation shows that the now-defunct exchange only holds 1 Bitcoin for the 1,591 Bitcoin it owes to its customers. In total, it was revealed that the exchange owed a total of $8.7 billion to its customers. This spreads primarily to cash and stablecoin assets, but also includes Ethereum, Solana, and hundreds of other token users previously allowed to trade on FTX.com and FTX US. .
In a presentation filed Thursday by FTX Debtors in the company’s Chapter 11 bankruptcy case, a joint attempt to locate and catalog the defunct cryptocurrency exchange FTX’s remaining assets revealed the flaws found in fiat bank accounts. It was reported that a range of digital asset wallets linked to the FTX.com and FTX.US exchanges has been revealed.
$2.2 billion in assets secured – preferred creditor details still unknown, bankruptcy proceedings expected to take years
The presentation states that assets worth $2.2 billion have been identified, with only $694 million in highly liquid currencies such as fiat currencies, stablecoins, BTC and ETH. These holdings, along with $385 million in client receivables, are offset by Alameda’s $9.3 billion in net borrowings from his research.
According to the filing, “Today, in addition to $28 million in customer receivables and $155 million in related party receivables, assets totaling $191 million were discovered in accounts linked to the FTX.US exchange. They further stated that this contrasted with claims of $335 million from customers and claims of $283 million from related parties.
The presentation stated that “fraudulent transfers withdrew an additional $293 million from wallets provisionally tracked to the FTX.COM exchange and $100 million from wallets provisionally linked to the FTX.US exchange. $39 million was withdrawn.”
FTX CEO promises to keep information public
While the presentation emphasizes that the information presented is preliminary and should not be used for any purpose, Ray, who also holds the position of Chief Restructuring Officer for the FTX Debtor Group, said: , emphasized the importance of sharing the latest developments.
“It took a lot of hard work to get to this point,” Ray added in the press release. “Exchange assets are highly disorganized, with incomplete books and records and often non-existent at all.
“We believe it is important to provide transparency to our stakeholders by releasing this information now, rather than waiting until we can confirm it with certainty,” said Ray.
The FTX Debtors Group presentation provided an update on the liquid assets held by the group, which has increased from $5.5 billion to $6.1 billion since its last report in January. The increase was largely due to updates to the pricing of digital assets, but the group also has $202 million in his holdings in Alameda, $125 million in stablecoins, and various holdings in subsidiaries. We collected $57 million in virtual currency.
However, the reported $450 million worth of SBF’s Robinhood stake, the reported $530 million worth of FTX’s investment in Anthropic, and the numerous assets SBF allegedly owned throughout the Bahamas. Real estate did not exist.
