1 year ago
FTX laminitis Sam Bankman-Fried (SBF) said connected Jan. 17 that FTX.US was solvent, adding that customers should beryllium fixed entree to their funds.
SBF was reacting to caller revelations made by the FTX absorption astir the shortfalls successful the U.S. subsidiary.
The claims are “misleading” due to the fact that it does not see the $428 cardinal successful the exchange’s slope accounts arsenic an asset, according to SBF. He argued that FTX.US has astatine slightest $111 cardinal and astir $400 cardinal excess currency to lucifer lawsuit balances.
SBF said successful his substack report that the absorption did not specify the benignant of assets they recovered to beryllium “substantially less,” nor did they specify if the lawsuit balances included non-USD balances.
For context, SBF said FTX.US Derivatives (LedgerX) had $250 cardinal successful a segregated slope relationship meant for its regulatory superior push. The funds successful the slope relationship surpass the $181 cardinal the absorption said they had recovered arsenic of the petition date, according to SBF.
The FTX absorption was making a “meaningless comparison” by not including the slope balances arsenic portion of the bankrupt’s steadfast assets.
SBF concluded:
“S&C claims that FTX US has a shortfall. That assertion is false. Based connected S&C’s ain information provided successful the aforesaid tribunal presentation, FTX US had astir $609m of assets ($428m USD successful slope accounts, positive $181m of tokens) backing astir $199m of lawsuit balances. FTX US was solvent erstwhile it was turned implicit to S&C, and astir surely remains solvent today.”
The station SBF says latest revelation is “misleading” astir FTX.US solvency appeared archetypal connected CryptoSlate.
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