a year ago
FTX had a 6.8b hole when it filed for bankruptcy.
FTX, the defunct crypto exchange, had a $6.8b hole in its balance sheet when it declared bankruptcy last year.
According to the group’s advisors, FTX’s debt includes a $10.6b deficit for the main FTX.com business and an $87m short for FTX.U.S.
Alameda Research, the trading wing of FTX, had $2.6b in net assets. Meanwhile, FTX Ventures reported $1.3b in losses.
FTX’s total assets and debts
According to a document submitted to the bankruptcy court on Mar. 17, FTX-affiliated businesses had assets worth $4.8b and cumulative liabilities of around $11.6b when they filed for bankruptcy in November; the bulk of which were customer claims.
There was a shortfall of around $87m in FTX U.S., which had assets worth $255m and debts of about $342m. Former FTX boss, Sam Bankman-Fried, has repeatedly stated that the U.S. exchange was stable.
At the time of the bankruptcy filing, the companies’ businesses collectively held nearly $900m in cash and other equivalents.
Most of their holdings were investments, comprising wagers on companies including tactical drone manufacturer Brinc Drones; artificial intelligence firm, Anthropic; and web3 company Mysten Labs. Combined, these investments are worth $3.5b.
According to the study, the numbers have yet to be audited and could, therefore, change.