SBF Reveals Different Balance Sheet; States Where $8 bln Go

Blockonomics is a decentralized and permissionless bitcoin payment solution

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

In an 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.

Meanwhile, 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 Research 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”.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.