FTX finds only 1 BTC out of 1,591 customer-owned at time of collapse

“Their books and data are incomplete and, in lots of instances, completely absent,” stated present FTX CEO John J. Ray III, throughout a presentation of the corporate’s present property and liabilities on Mar. 2.

Remarkably, the newest presentation exhibits that the now-defunct alternate holds just one Bitcoin towards the 1,591 it owes to prospects. In complete, it was revealed that the alternate owes $8.7 billion in complete to prospects, primarily unfold throughout money and stablecoin property, but in addition Ethereum, Solana and tons of of different tokens customers have been beforehand allowed to commerce on and FTX US.

Petition Time Balances by Token
(Supply: FTX)

In a presentation filed on Thursday by FTX Debtors within the firm’s Chapter 11 chapter instances, it was reported {that a} collaborative try to find and catalog the remaining property of the defunct cryptocurrency alternate FTX has uncovered the extent of the deficiencies discovered within the fiat financial institution accounts and digital asset wallets linked to the and FTX.US exchanges.

$2.2 billion in property secured – nonetheless no particulars on most well-liked collectors, chapter continuing anticipated to take years

The presentation states that $2.2 billion price of property have been recognized, with solely $694 million in extremely liquid currencies like fiat, stablecoin, BTC, or ETH. Together with $385 million in buyer receivables, these holdings are offset by Alameda Analysis’s web borrowings of $9.3 billion.

As per the submitting, “At the moment, a complete of $191 million in property has been found within the accounts linked to the FTX.US alternate, along with $28 million in buyer receivables and $155 million in associated occasion receivables.” They additional state that that is in distinction to the $335 million in buyer claims and $283 million in associated occasion claims payable.

The presentation additionally revealed that “Unauthorized transfers have withdrawn an extra $293 million from wallets tentatively traced to the FTX.COM alternate and $139 million from wallets tentatively linked to the FTX.US alternate.”

Timeline of work to deteremine exchange shortfalls
(Supply: FTX)

FTX CEO guarantees to proceed to reveal data publicly

Though the presentation highlights that the data offered is preliminary and shouldn’t be used for any goal, Ray, who additionally holds the place of chief restructuring officer for the FTX debtors group, emphasised the significance of sharing the newest developments.

“It has taken an enormous effort to get this far,” Ray added in a press launch. “The exchanges’ property have been extremely commingled, and their books and data are incomplete and, in lots of instances, completely absent.

In keeping with Ray, “We imagine that it’s essential to supply transparency to stakeholders by disclosing this data publicly right now moderately than ready till we are able to affirm it with certainty.

The FTX debtors group’s presentation supplied an replace on the liquid property held by the group, which has grown from $5.5 billion to $6.1 billion since its final report in January. The rise is especially resulting from up to date digital asset pricing, however the group has additionally recovered $202 million held at Alameda, $125 million in stablecoins, and $57 million in numerous cryptocurrencies held at subsidiaries.

Notably absent, nevertheless, have been SBF’s Robinhood shares price a reported $450 million, in addition to FTX’s funding in Anthropic, price a reported $530 million, in addition to quite a few properties SBF was alleged to have owned all through the Bahamas.


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