The FTX Disaster Is Growing: The Equivalent of 9 Billion Dollars Is Only 900 Million Dollars!
The FTX Disaster Is Growing: The Equivalent of 9 Billion Dollars Is Only 900 Million Dollars!
According to the investment documents obtained, the day before FTXCOM filed for bankruptcy, Sam Bankman-Primary Fried had only $ 900 million in liquid assets in exchange for the $ 9 billion liabilities of the international crypto exchange, and he had hidden this until the last moment.
Thursday Friday’s FTX international balance sheet contained the majority of these liquid assets, which consisted of $470 million of Robinhood shares owned by a Bankman-Fried company that was not included in the bankruptcy filing, and 134 other corporate assets.
The FTX Collapse Has Come According to the Eye
The document, which was presented to potential investors before the bankruptcy, paints a comprehensive picture of the black hole in the financial situation of the FTX crypto empire and warns that FTX international users may experience significant losses on the cash or crypto currency assets they have on the exchange.
The collapse of FTX dealt a serious blow to the cryptocurrency industry, which has already been hit hard by a series of corporate failures this year. Following the Axie Infinity hack, the Terra LUNA fiasco, the 3AC liquidation or the Celsius bankruptcy, it seems that this process has already caused one of the worst times in the crypto market 2022.
FTX Fiasco
SBF, the once shining knight of crypto, quickly turned into an industry icon and became a source of inspiration for many. He founded FTX, one of the most powerful crypto exchanges to rival Binance and Coinbase. He gained more fame and honors when he helped rebuild SUSHISWAP, a Defi protocol, after its founder left the community without a trace.
However, with the collapse of FTX this week, Sam lost almost all his wealth and, moreover, user funds (cryptocurrencies and stablecoins locked on the exchange), thus making him one of the most hated men on the long list of defaults in crypto.
As previously reported, the FTX exchange, of which SBF is the CEO and founder, carries a huge hole of $ 9 billion on its balance sheet, and Sam could not afford it even after several attempts to make deals with notable crypto organizations and individuals.
