Cryptocurrencies
FTX’s Balance Sheet, Hack Paint Dim Picture for User Recovery
- Balance sheet shows FTX had $900 million in liquid assets
- Serum, Solana and FTT tokens have since plunged in value
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A swift plunge in value of FTX’s key crypto assets, along with unauthorized withdrawals of funds after it filed for bankruptcy, suggests that customers of the once popular exchange face a slim chance of recovering much of their deposits.
A breakdown of the balance sheet of Sam Bankman-Fried’s exchange shared with investors a day before its bankruptcy filing shows that it had nearly $9 billion in liabilities and $900 million in liquid assets, $5.5 billion in “less liquid” assets, and $3.2 billion in “illiquid” assets, according to sources familiar with the matter who viewed a limited version of information. Most of the biggest holdings, including lower-profile cryptocurrencies Serum, Solana and FTT, have since plunged in value.