FTX had a 6.8b hole when it filed for bankruptcy

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.

FTX group had a $6.8 billion shortfall in its balance sheet when it filed for bankruptcy last November. In total, the group of companies had debts of about $11.6 billion, the majority of that in customer claims, against $4.8 billion in assets, according to a presentation filed to… https://t.co/A6uKYTBfTl

— Wu Blockchain (@WuBlockchain) March 18, 2023

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.

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Author: Julius Mutunkei

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