The FTX debtors have submitted a presentation revealing that Sam Bankman-Fried’s conglomerate of companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its subsidiaries currently have debts of around $11.6 billion, including customer claims and other liabilities. Interestingly, FTX US had a shortfall of around $87 million, despite Bankman Fried’s claims that the U.S. subsidiary was solvent. The company owes money to vendors, counterparties, and other unpaid invoices. These vendors include Margaritaville Beach Resort owned by Jimmy Buffett, Amazon Web Services, Fairview Asset Management, Stripe, Meta, Trulioo, Spotify, Turner Network Television, and American Express. Furthermore, Alameda Research, the disgraced FTX co-founder’s quantitative trading firm, held the “vast majority of third-party loans.” The advisers’ notes revealed that Alameda borrowed from around 80 different counterparties, and much of the collateral was based in FTT, SRM, and SOL. The advisers also noted that loans were not recorded in FTX’s historical accounting records. Additionally, 49 companies are ghost towns and have been identified as “dormant” because they have no historical payments or financial information. Advisers suspect that there are substantial financial and accounting discrepancies within the company, along with major payments made to insiders. Bankman-Fried was paid roughly $2.247 billion, and other insiders received large payments as well. Although the situation is opaque, it’s evident that FTX’s financial problems are more extensive than initially reported. The presentation notes that the financial data was not audited and is subject to change as the bankruptcy proceedings continue.
CoinEx Charity Passes on the Spirit of Charity – Press release Bitcoin News
CoinEx Charity has been committed to disaster relief programs for over a year, joining the global efforts to combat natural...
