The global digital asset industry dropped under the crucial $1 trillion market cap following the horrible collapse of the Sam Bankman-Fried (SBF) FTX. The crypto exchange collapsed due to a massive $8 billion liquidity crunch. However, FTX Ex CEO in an interview talked about the exact situation at that time.
SBF reveals different balance sheet
Be interview with Bloomberg, SBF revealed a balance sheet that he showed investors at last minute bailout. The report mentions that he listed $8.9 billion in debt. While $9 billion were shown in liquid assets and $15.4 billion in less liquid assets. It added $3.2 billion in illiquid ones.
Tuo tarpu, SBF revealed a different spreadsheet that holds the actual truth of the exact situation at the time of the meeting. The sheet revealed the same kind of numbers. However, It showed $8 billion less liquid assets.
SBF stated that he miscounted the numbers. He stated that the customer used to wire money to „Alameda“ tyrimai instead of transferring it directly to FTX. As per his claim, FTX internal accounting system double counted this amount which was later credited to both exchanges.
Where did the $8 billion go?
SBF mentioned that Alameda and FTX had the biggest cash flows. However, Binance, a rival to FTX turned out to be the biggest expense. A net $2.5 billion was paid to them to buy out the investments.
He listed around $250 million for real estate and around $1.5 billion went in expenses. Venture capital investments saw a figure of $4 billion and $1.5 billion for acquisitions. Surprisingly $1 billion was written off as “fuckups”.
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Pateiktame turinyje gali būti asmeninė autoriaus nuomonė ir jis priklauso nuo rinkos sąlygų. Prieš investuodami į kriptovaliutas, atlikite rinkos tyrimus. Autorius ar leidinys neprisiima jokios atsakomybės už jūsų asmeninius finansinius nuostolius.
Source: https://coingape.com/sbf-reveals-different-balance-sheet-states-where-8-bln-go/