Users of the embattled FTX exchange have had a bad week. Things are likely to get much worse for them if the firm’s balance sheet is anything to go by.
The cascade of events following the FTX collapse and bankruptcy filings has dwindled the chances of customer fund recovery.
Furthermore, the rapid devaluation of FTX assets and the $400 million exchange hack over the weekend have compounded problems.
Breaking down the balance sheet paints a grim picture for those with funds stuck on the platform. On Nov. 14, Bloomberg reported that the FTX bankruptcy filing shows that it had nearly $9 billion in liabilities and just $900 million in liquid assets.
