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03/08/2023
FTX Crypto Bankruptcy Filing Shows $8.6 Billion Shortfall
PYMNTS
If FTX was founder Sam Bankman-Fried’s alleged personal piggy bank, it wasn’t refilled.
Newly filed court documents introduced last week (March 2) reveal what John J. Ray III, FTX’s current CEO, has called a “massive shortfall” of “highly commingled assets” at the hollowed-out cryptocurrency enterprise, representing over $8.6 billion in total liabilities across all customer wallets and enterprise accounts. Bankman-Fried has pleaded not guilty to charges in connection with the case.
The bankruptcy presentation notes that “related party payables and receivables” include $9.3 billion of net borrowing by Alameda from FTX.com.
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