It appears as if bankrupt crypto exchange FTX_Official has a “massive shortfall” in assets. FTX's team has identified $7 billion in customer payables in cash and stablecoins, offset by $580 million in identified assets as of its petition date.
detailing a presentation filed in the bankrupt crypto exchange’s Chapter 11 case on Thursday.
Other assets include $385 million of customer receivables, and significant claims against FTX sister company Alameda Research and related parties. The presentation also shows a $9.3 billion net borrowing by Alameda from the FTX.com wallets and accounts. “The exchanges' assets were highly commingled, and their books and records are incomplete and, in many cases, totally absent,” wrote John J. Ray III, the CEO and chief restructuring officer of the FTX Debtors, in the press release. “For these reasons, it is important to emphasize that this information is still preliminary and subject to change.”
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