New bankruptcy filing shows the value of FTX’s crypto holdings is just $659,000, after Bankman-Fried said they were worth $5.5 billion

Source: Business Insider

“The FTX chapter 11 bankruptcy filing is shedding new light on just how bad the internal controls at the crypto exchange were up until it imploded in spectacular fashion last week. A particularly jarring disclosure is that the total fair value of crypto held by FTX International was just $659,000 as of the end of September, compared to claims from its founder Sam Bankman-Fried’s that the company held $5.5 billion in ‘less liquid’ crypto tokens. … All-in, FTX’s assets as of September 30 total about $2.2 billion, according to the bankruptcy filing, though its unclear how different those numbers might be today given the recent run on the exchange and high-profile hacks that occurred last week.” (11/17/22)