FTX Confirms $9 Billion in Customer Funds Vanished | According to a presentation to customers, ex-FTX CEO Sam Bankman-Fried allegedly let Alameda borrow $9.3 billion from customer accounts.

TL;DR

These numbers are based on the price of crypto from when the company declared bankruptcy back in November, but it’s also the first time the bankrupt exchange has admitted just how much in outstanding funds it’s dealing with. 2 billion the company was able to recover, just $880 million are “liquid assets,” which are related to dollars, stablecoins, or other major crypto currencies. The company said in its presentation it will keep updating customers about goings-on, though it also claimed “the information should not be relied upon for any purpose including, but not limited to, estimating recoveries in the FTX Debtors’ Chapter 11 cases

Like summarized versions? Support us on Patreon!