FTX Had a Nearly $7 Billion Balance Sheet Hole When it Went Bust
- Firm had assets of $4.8 billion, debts of $11.6 billion
- Silo that ran US crypto exchange had $87 million shortfall
Sam Bankman-Fried departs from court in New York, on Feb. 16.
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
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.