Lawyers representing FTX debtors said a total of approximately $5.5bn of liquid assets have been identified, including $1.7bn in cash, $3.5bn in crypto assets and $0.3bn in securities. FTX debtors confirmed a substantial shortfall of digital assets at both the FTX.com and FTX US exchanges.

“The assets identified as of the Petition Date are substantially less than the aggregate third-party customer balances suggested by the electronic ledger for FTX.com,” FTX said.

Around $1.6bn of digital assets associated with FTX.com was identified. This included $323m subject to unauthorized third-party transfers post-petition, $426m transferred to cold storage under the control of The Securities Commission of The Bahamas, $742m in cold storage under the control of the FTX Debtors, and $121m pending transfer to cold storage under the control of the FTX Debtors. 

Unauthorised transfers

Meanwhile debtors identified $181m of digital assets associated with FTX US, with $90m subject to “unauthorized third-party transfers post-petition”, $88m in cold storage under the control of the FTX debtors, and $3m pending transfer to cold storage.

“We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information,” said John J Ray III, CEO and Chief Restructuring Officer, FTX.

“We ask our stakeholders to understand that this information is still preliminary and subject to change. We will provide additional information as soon as we are able to do so.”