FTX founder Sam Bankman-Fried (SBF) stated on Jan. 17 that FTX.US was solvent, including that clients needs to be given entry to their funds.
SBF was reacting to new revelations made by the FTX administration in regards to the shortfalls within the U.S. subsidiary.
The claims are “deceptive” as a result of it doesn’t take into account the $428 million within the change’s financial institution accounts as an asset, in accordance with SBF. He argued that FTX.US has not less than $111 million and roughly $400 million extra money to match buyer balances.
SBF stated in his substack report that the administration didn’t outline the type of belongings they discovered to be “considerably much less,” nor did they specify if the shopper balances included non-USD balances.
For context, SBF stated FTX.US Derivatives (LedgerX) had $250 million in a segregated checking account meant for its regulatory capital push. The funds within the checking account surpass the $181 million the administration stated that they had discovered as of the petition date, in accordance with SBF.
The FTX administration was making a “meaningless comparability” by not together with the financial institution balances as a part of the bankrupt’s agency belongings.
“S&C claims that FTX US has a shortfall. That declare is fake. Based mostly on S&C’s personal information offered in the identical court docket presentation, FTX US had roughly $609m of belongings ($428m USD in financial institution accounts, plus $181m of tokens) backing roughly $199m of buyer balances. FTX US was solvent when it was turned over to S&C, and virtually definitely stays solvent at present.”