Cryptocurrencies, blockchain, NFT and new trends

FTX: $8.9 Billion Customer Funds Missing – Here’s What Happened

  • FTX only had $694 million in liquid assets and a massive net deficit of $8.6 billion.
  • Alameda Research borrowed around $9.3 billion from customer accounts.
  • John J. Ray III said books and records are incomplete or totally absent.

Cryptocurrency exchange FTX has revealed a “massive shortfall” in crypto and fiat currency holdings. Billions in customer funds are missing from both FTX and its US subsidiary FTX US. New documents show the extent of the losses incurred by Sam Bankman-Fried’s crypto empire.

On Thursday, FTX released a public presentation showing that FTX had $2.2 billion in exchange wallets and fiat accounts. Only $694 million of these assets were in the most liquid “Category A Assets.”

source: FTXFTX uncovered more assets than its less liquid “Category B Assets,” which include its…

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