Debtors Declare 'Massive Shortfall' in FTX Assets, FTX US Also In the Red
A concerted effort to identify and inventory the remaining assets of failed cryptocurrency exchange FTX has revealed "the magnitude of the shortfalls discovered in the fiat bank accounts and digital asset wallets associated with the FTX.com and FTX.US exchanges," according to a presentation filed by FTX Debtors in the firm's Chapter 11 bankruptcy cases Thursday.
$2.2 billion of total assets have been located, according to the presentation, of which only $694 million are the most liquid currencies, such as fiat, stablecoin, BTC or ETH. Against these holdings—and another $385 million in customer receivables—are $9.3 billion in net borrowing by Alameda Research. In fact, the presentation states that the information provided is preliminary and "should not be relied upon for any purpose." But Ray, who also serves as chief restructuring officer of the FTX debtors group, said sharing the latest information was a priority.
Source
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