FTX.com Assets Shortage: A Precarious Situation

03/03/2023 19:51 • Metaverse & Beyond • 78 views

It is reported that according to a document submitted by FTX bankruptcy lawyer, there is a “serious shortage” of FTX.com assets. According to the latest price calculation, the total assets of US $2.2 billion have been determined in the wallet of FTX.com related accounts, of which only US $694 million belongs to the most liquid “Class A assets”, including legal currency, stable currency, bitcoin and ether currency. All tokens belonging to Class A assets in FTX have deficits. Other assets include $385 million in customer accounts receivable and major claims against FTX affiliate Alameda Research and related parties. Alameda borrowed $9.3 billion from FTX.com wallets and accounts. At the same time, the customer accounts payable determined by the FTX team was $7 billion. In addition, FTX US also showed an asset gap. The total assets in the account wallets related to the exchange were $191 million, the customer receivables were $28 million, and the related party receivables were $155 million.

Alameda borrowed $9.3 billion from FTX.com wallet and account

Interpretation of the news:

A document submitted by FTX bankruptcy lawyer has revealed that FTX.com is facing a “serious shortage” of assets. The latest price calculation indicates that the total assets in FTX.com related accounts amount to US $2.2 billion, out of which only US $694 million belongs to the most liquid “Class A assets,” such as legal currency, stable currency, bitcoin, and ether currency. This shortage of assets in Class A alone is alarming. The shortage intensifies further when we take into account the other deficits.

The document highlights that FTX.com has a considerable amount of customer accounts receivable amounting to $385 million. Also, the exchange has major claims against FTX affiliate Alameda Research and related parties who borrowed $9.3 billion from FTX.com wallets and accounts. These outstanding receivables indicate a lack of liquidity, as the funds borrowed are not readily available for FTX to use.

Furthermore, the customer accounts payable determined by the FTX team was $7 billion, indicating a significant discrepancy between the assets and liabilities. The situation is especially precariously due to the $155 million related party receivable that has not been paid back. The funds owed to FTX affiliates are crucial to rectify the shortage of assets and achieve a more balanced financial state.

In addition, FTX US also shows an asset gap. The total assets in the account wallets related to the exchange amount to $191 million, of which $183 million is in Class B and C assets that are less liquid than Class A assets. The customer receivables of $28 million and the related party receivables of $155 million further indicate a cash flow issue.

In conclusion, the situation of asset shortage in FTX.com and FTX US is worrisome. Liquidity has become a significant concern due to the considerable amount of outstanding receivables. It is unclear how the exchange will deal with the situation, but addressing these problems will be crucial to ensure the long-term viability of the company.

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FTX.com Assets Shortage: A Precarious Situation

Alameda borrowed $9.3 billion from FTX.com wallet and account

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