Bankman-Fried revealed information about the value of the assets of FTX and AlaMeda Research
The aggregate net value of the FTX and ALAMEDA Research assets is estimated at $ 1 billion – the obligations are $ 8 billion. This was stated by the ex-head of the cryptocurrency exchange Sam Bankman-Frid https://gagarin.news/news/how-to-mint-nft-a-comprehensive-example-of-open-sea/.
17) I Know You’ve All Seen Seen this, but heere’s What Things Stand Today, Rawghly Speaking. [Lots of Caveats, etc.]
Liquid: -$ 8b
Semi: +$ 5.5b
IllQUID: +$ 3.5b
And Yeah, Maybe that $ 9b IllQUID M2M isn’T WORTH $ 9B (+$ 1B Net).
Otoh – a Month Ago It Was Worth $ 18b; +$ 10B NET.
According to him, jointly structures hold $ 5.5 billion on the balance sheet in partially liquid and $ 3.5 billion in illiquid assets. Former CEO emphasized that they had previously been estimated at $ 18 billion at a clean cost of $ 10 billion.
Earlier, Bloomberg and The Wall Street Journal reported a “hole” in FTX balance for $ 8 billion.
Bankman-Fried said that the fair value of Alameda Research assets exceeded its obligations, but the company had a marginal position on FTX. He also noted that the American branch of the exchange had enough funds for payments to all customers.
12) to the Best of my knowledge, as of post-11/7, with the Potential for errors:
A) ALAMEDA HAD MORE ASSETS THE LIABILITIES M2M (But Not Liquid!)
b) Alameda Had Margin Position on Ftx Intl
C) FTX US HAD ENUGH To Repay All Customers
– SBF (@SBF_FTX) NOVEMBER 15, 2022
“A few weeks ago FTX processed ~ $ 10 billion [trade volume] and billions of translations. But too much margin – more than I expected. Bank-Run and the collapse of the market exhausted liquidity, ”he wrote.
Ex-EO also stated that he would try to “increase liquidity, return [assets] to customers and restart” business.
On November 15, WSJ reporters reported Bankman-Frida’s plans to attract funding, despite the filing of FTX bankruptcy claims. According to the sources of the publication, the funds will be sent for compensation for damage to users.
Recall that from the documents of the exchange operator it follows that the platform has more than a million creditors.
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