Crypto News

Only $900 million in cash assets were available to support FTX’s $9 billion in debt

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FTX Exchange

The Financial Times says that FTX had only $900 million in liquid assets vs $8.9 billion in liabilities on the verge of bankruptcy.

According to the study, which cited investment materials, the greatest readily marketable asset accessible to FTX was $470 million worth of Robinhood shares acquired through an external corporate entity owned by CEO Sam Bankman-Fried.

FT reported liabilities totaling $5.1 billion, but the company was actually based outside of the United States.

The recent insolvency of the cryptocurrency exchange has captured the attention of the financial community.

Early this morning, crypto assets owned by FTX’s sibling trading company Alameda Research entered on-chain motion. Accounts have seen a significant drain of the network of companies’ assets.

Creditors face an uncertain future due to the sizeable hole in FTX’s balance sheet and the history of crypto exchange failures locking up user deposits.

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Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.