(Bloomberg) — The FTX crypto empire had a roughly $6.8 billion gap in its balance sheet when it filed for bankruptcy last year, the group's advisers have determined.
Read the most from Bloomberg
Sam Bankman-Fried's crypto conglomerate had a net worth of about $4.8 billion when FTX and affiliates crashed into Chapter 11 protection in November, according to a presentation filed Friday in bankruptcy court. Almost all loans represent amounts owed to customers.
The portion of FTX that runs its US-based crypto exchange had assets of $255 million against debt of $342 million, a decrease of about $87 million. Bankman-Fried has repeatedly stated that the US exchange is solvent.
The companies had about $900 million in cash and cash equivalents spread across their businesses as of the bankruptcy filing, according to the report. The bulk of the group's assets were investments, including stakes on the likes of Brink Drones, a tactical drone manufacturer, Anthropic, an artificial intelligence company, and Mysten Labs, a Web3 firm. Investments are booked at $3.5 billion.
As per reports, the figures are unaudited and may be revised later.
Read the most from Bloomberg Businessweek
©2023 Bloomberg L.P.