FTX, the bankrupt crypto exchange, has a massive $9.5 billion shortfall in top crypto and cash needed to repay customers, bankruptcy lawyers say. Just $694 million in assets of $2.2 billion recovered are easy to cash in.
The new executive released a press statement on Thursday, sharing the extent of the company's deficit. Only $694 million of the identified $2.2 billion assets were in most liquid currencies, like fiat, stablecoins, bitcoin, or ethereum.
The exchange also lent $9.3 billion to Sam Bankman-Fried's Alameda Research, and revealed they have $191 million in assets versus $335 million of customer claims and $283 million of related party claims payable.
In a January statement, lawyers said they had recovered $5.5 billion in liquid assets from FTX. However, the Commodities and Futures Trading Commission (CFTC) estimated that $8 billion of client money had been lost.
FTX's new presentation suggested there is a $9.5 billion deficit across its most liquid assets and a $733 million surplus in category B assets, which are harder to retrieve.