It is currently not possible to correctly calculate or model the amount of damages to FTX customers. This was stated by the CEO of the platform going through the bankruptcy procedure, John Ray, writes The Block.
According to the updated presentation, as of March 1, FTX.com-linked accounts hold $2.2 billion in assets. Of these, only $694 million is high-quality and liquid—fiat funds, stablecoins, bitcoin, and Ethereum.
Other assets include $385 million in customer receivables and claims against Alameda Research and related parties. The market maker borrowed a total of $9.3 billion in fiat and cryptocurrencies.
A capital deficit was also recorded at FTX US. The U.S. division’s wallet assets are estimated at $191 million, customer receivables at $28 million, and related party accounts at $155 million. Alameda Research’s debt to the exchange is $107 million.
For compensation, the FTX stakeholder team identified $7 billion in fiat and stablecoin customer accounts payable, as well as $580 million in assets.
According to new calculations, the valuation of the property of the group of companies turned out to be $384 million more than previously reported.
According to the court documents, the list of creditors of the exchange contains more than 100 pages. The list includes a number of government agencies from different countries, technology companies, air carriers and hotel operators.
Earlier, the FTX Group sent closed letters to politicians demanding the return of donations previously received from the former head of the exchange, Sam Bankman-Freed.
In February 2023, the court approved the sale of low-value platform assets.
Source: Cryptocurrency
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