Bloomberg Law
March 17, 2023, 8:46 PM

FTX Had a Nearly $7 Billion Balance Sheet Hole When It Went Bust

Jeremy Hill
Jeremy Hill
Bloomberg News

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.

The slice of FTX that ran its US-based crypto exchange had $255 million of assets against $342 million of debts, a shortfall of about $87 million. ...