• March 21, 2023

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FTX Clients Will Have Problems to Recover their Funds

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According to a presentation to investors that crypto exchange FTX prepared before filing for bankruptcy, its liquid asset holdings are only $900 million, whereas its liabilities are estimated at about $9 billion.

According to the document, the exchange held $3.2 billion in illiquid assets, $5.5 billion in less liquid assets.

Bloomberg has recalled the unauthorized withdrawal of $477 million from the platform, according to Elliptic. This will also affect the potential amount of funds that will be refundable to customers.

In the report there is also information about $8 billion in a “hidden, badly labeled” fiat account and $5 billion of user withdrawals as of Nov. 6.

The explanatory note says:

‚ÄúThere were a lot of things that I would like to do differently. The biggest ones are a poorly marked internal bank account and the size of customer withdrawals during bank verification.”