FTX News: Bankruptcy Lawyers Locate $2.2 Billion Worth of Crypto Assets In FTX Linked Wallets
FTX News: According to a press release issued by the FTX lawyers, a new observation has surfaced where a severe shortfall has been found in the fiat bank accounts and crypto hot wallets associated with the FTX.com & FTX.US exchanges. But, in the hindsight, roughly $2.2 billion worth of assets have recently been located in the account wallets which are affiliated with the FTX exchange.
FTX Lawyers Scramble For Assets
Considering the spot prices at the petition time, out of this $2.2 billion of total assets, only $694 million of those assets represent liquid currencies such as stablecoin, Bitcoin or Ethereum. Additional assets owned by FTX.com include customer receivables totaling $385 million and considerable claims against Alameda Research and other linked parties. The press release also demonstrates that Alameda obtained a net borrowing amount of $9.3 billion from the wallets and accounts hosted on FTX.com at the time of the petition.
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FTX.US also indicated a deficiency in assets, with $191 million of total assets housed in the wallets related to the crypto exchange, as well as $28 million in customer receivables and $155 million in related party receivables. Also, what comes as a surprise, there is a net payable amount of 107 million dollars by FTX.US to Alameda Research as well.
John J. Ray III, the acting CEO and the Chief Restructuring Officer of the FTX Debtors, was quoted as saying:
It has taken a huge effort to get this far. The exchanges’ assets were highly commingled, and their books and records are incomplete and, in many cases, totally absent.
Total FTX Assets Recovered
However, taking the total liquid assets into consideration, 6.1 billion worth of assets have been discovered by the debtors, which has significantly grown from the previous $5.5 billion due to a change in spot price and the inclusion of newer funds.
Earlier, the FTX CEO had confirmed the findings of $202 million of crypto held at Alameda, $125 million in stablecoins and $57 million of altcoins held at subsidiaries. The FTX Debtors believe that the openness made possible by these releases is crucial for the public and for stakeholders, as it guarantees that everyone involved has nearly concurrent access to the preliminary information as it emerges.
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