Sam Bankman-Fried’s FTX had a gargantuan $7 billion hole in its balance sheet when it collapsed last year
The FTX crypto empire had a roughly $6.8 billion gap in its balance sheet when it filed for bankruptcy last year, advisers to the group have determined.
Assets across Sam Bankman-Fried’s crypto conglomerate totaled about $4.8 billion against debts of roughly $11.6 billion when FTX and affiliates crashed into Chapter 11 protection in November, according to a presentation filed to the bankruptcy court Friday. Almost all of the debts represent amounts owed to customers.
The slice of FTX that ran its US-based crypto exchange had $255 million of assets against $342 million of debts, a shortfall of about $87 million. Bankman-Fried has repeatedly said the US exchange is solvent.
The companies had about $900 million of cash and cash equivalents spread across its businesses as of the bankruptcy filing, according to the report. The bulk of the group’s assets were investments, including bets on the likes of a tactical drone maker Brinc Drones, an artificial intelligence company called Anthropic and Mysten Labs, a web3 firm. The investments are booked at $3.5 billion.
The figures are unaudited and may be amended later, according to the report.