According to some recent reports, FTX owed several times the main asset on itself and the firms it filed for bankruptcy.
FTX bankruptcy, one of the scandalous events of 2022, had a great regression in the sector. Investors began to be skeptical of all institutions in the sector after a major stock market like FTX collapsed.
FTX Firms Had $6.8 Billion Before Bankruptcy
According to a presentation by its advisors, the FTX group of companies had approximately $11.6 billion in debt versus $4.8 billion in assets.
Sam Bankman Fried’s crypto empire had a $6.8 billion deficit on its balance sheet when it filed for bankruptcy last November, according to a submission submitted to the bankruptcy court on Friday.
The $6.8 billion deficit includes the $10.6 billion deficit in the parent FTX entity and the $87 million deficit in FTX’s Americas arm. Its sister trading company Alameda Research had a net worth of $2.6 billion, while FTX Ventures had a net worth of $1.3 billion.
In total, the group of companies had approximately $11.6 billion in debt, mostly in customer receivables, against $4.8 billion in assets.
The consultants noted that the statements were not audited and were subject to change.
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