Court filings show that FTX's debtor companies have a total cash balance of just €1,24 billion.
News also emerged that US prosecutors were investigating FTX long before the company collapsed.
A summary of the balance sheets compiled by the business advisory firm Alvarez & Marsal and presented by Edgar Mosley, who oversees the team, details the entries through each of the four silos previously identified and reported to the court by the CEO of FTX, John Ray.
The Alameda silo has 400 million dollars; silo dotcom €255 million; joint ventures €8,6 million; and the €86 million WRS silo.
Total accounts receivable is €751,5 million and accounts not receivable are €487,7 million.
FTX Regulated Companies Have Money in the Bank
Non-debtor accounts include FTX Digital Markets, FTX Philanthropy, Embed Clearing, Embed Financial Technologies, and LedgerX; all of these entities are considered creditworthy based on previous rulings filed in court by CEO Ray over the weekend.
The exact total cash balance is €1,239,306,000.
The 134 companies in the FTX Group that have filed for Chapter 11 in the United States and have liabilities estimated at more than €10 billion.
Of the top 50 creditors alone, €3.100bn is owed, so the cash shortfall before allocations is well below the amount needed to restore creditor integrity.
FTX has a reported net operating loss of €3.7 billion
Alvarez & Marsal also said in its court filing that, based on tax returns from FTX and related companies, they had a carryover federal net operating loss of at least €3.7 billion, as of December 31, 2021.
FTX's minimum state operating net loss was €715 million.
And in an effort to locate the funds, FTX called for exchanges to be on the lookout for deposited assets that result from unauthorized transfers, stating that such assets must be returned to the “bankruptcy estate”:
Cryptocurrency prices find their equilibrium
Amid rising contagion fears, cryptocurrency prices calmed after yesterday's plunge.
After falling to €15,500, bitcoin is back above €16,000 as of this writing.
Ethereum rallied a bit, priced at €1,129, up 2%.