FTX Firms Had $6.8B Hole in Balance Sheet at Time of Bankruptcy
Sam Bankman Fried’s crypto empire had a $6.8 billion shortfall in its balance sheet when it filed for bankruptcy last November, according to a presentation filed to the bankruptcy court on Friday.
That included a deficit of $10.6 billion in the main FTX.com enterprise and one of $87 million in FTX.US. Sister trading firm Alameda Research had net assets of $2.6 billion, while FTX Ventures had net assets of $1.3 billion.
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.
The advisers noted that the statements were unaudited and subject to change.
Bloomberg earlier reported on the presentation.
Read more: FTX Paid Around $2.2B to Sam Bankman-Fried, New Management Says
This story originally appeared on Coindesk