The ongoing bankruptcy proceedings cryptocurrency exchange FTX said that the aggregate asset shortfall to cover customer claims stands at $8.7 billion, with $1.6 billion in Bitcoin.
The FTX balance sheet is really something
$1.6 billion worth of Bitcoin owed to customers, with only $1m there in reality
Rough NFA breakdown of what liquidators have found so far across all silos
-$3.5b in ‘liquid’ coins
-$1.7b cash
-$800m ‘illiquid’ https://t.co/dDthjFWDvF… https://t.co/rvaFd0A78i pic.twitter.com/qckkb2yc02— db (@tier10k) March 7, 2023
The firm said in a court filing that it holds its primary cryptocurrency, valued at $6 million, with $5 million in receivables.
The firm split assets into two liquidity buckets. In the segment of funds that are relatively easy to liquidate, on-hand fiat and stablecoins totaled $580 million against $7 billion in customer claims. This group included coins such as ETH, SOL and BNB.
For low-liquidity assets, FTX recorded a surplus of $773 million. However, experts noted that the value of tokens such as FTT, SRM, or MARS appears dubious. For the calculations, the company used CoinMarketCap quotes at the time the presentation was prepared.
Analysts say it is also difficult to determine the true value of the company’s venture investments, which, on a balance-sheet basis, total $4.5 billion.
The presentation did not include assets of FTX units in Japan, Singapore and Cyprus. Nor were funds blocked by the Bahamian authorities included in the report.
The American subsidiary does not cover $116 million of customer claims. Much of FTX US’s liabilities are in stablecoins and ETH.
John Ray, the company’s current CEO, stated a ‘substantial shortfall’ in the platform’s capital.