FTX Firms Had $6.8B Hole in Balance Sheet at Time of Bankruptcy
The group of companies had debts of about $11.6 billion against $4.8 billion in assets, according to a presentation filed by its advisers.
Mar 17, 2023 at 9:56 p.m. UTCUpdated May 9, 2023 at 4:10 a.m. UTC
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FTX founder Sam Bankman-Fried (Michael M. Santiago/Getty Images)
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Sam Bankman-Fried’s crypto empire had a $6.8 billion shortfall in its balance sheet when it filed for bankruptcy protection in November, according to a presentation filed to the bankruptcy court on Friday.
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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.
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Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.