Users of the embattled FTX exchange have had a bad week. Things are likely to get much worse for them if the firm’s balance sheet is anything to go by.
The cascade of events following the FTX collapse and bankruptcy filings has dwindled the chances of customer fund recovery.
Furthermore, the rapid devaluation of FTX assets and the $400 million ការ hack ផ្លាស់ប្តូរ over the weekend have compounded problems.
Breaking down the balance sheet paints a grim picture for those with funds stuck on the platform. On Nov. 14, Bloomberg រាយការណ៍ that the FTX bankruptcy filing shows that it had nearly $9 billion in liabilities and just $900 million in liquid assets.
Illiquid Assets and Worthless Tokens
Additionally, $5.5 billion of the total is in “less liquid” assets, with $3.2 billion in “illiquid” assets, according to the report. Many of its larger digital asset holdings have tanked in value.
These include the FFT exchange token, Solana’s SOL token, and the Serum exchange token SRM.
The balance sheet also mentioned a negative $8 billion of a “hidden, poorly internally labeled” fiat currency account. There was an additional $472 million in តម្លៃភាគហ៊ុនរបស់ Robinhood, however, these holdings were with an entity not included in the bankruptcy proceedings.
SBF returned to crypto Twitter on Nov. 14, tweeting a cryptic “1) What” before adding “2) H” an hour or so later.
Some saw the funny side but most responded by asking where the hell their money was.
Source: https://beincrypto.com/ftx-users-slim-chance-fund-recovery-ftt-sol-srm-prices-plummet/