After a series of recent events, FTX is being investigated more closely. One of them is that the exchange only has $659,000 worth of less liquid assets.
The public is growing more and more outraged with how the exchange’s funds were handled as more information about the condition of the crypto exchange comes to light. According to recent financial data, the holdings of FTX in fair-value assets were quite minor. A court filing also reveals several events that could significantly affect how the case develops.
Financial data reveals that the embattled crypto exchange only had fair-value assets of $659,000. Given the funding the exchange received, which came from some of the largest investment companies in the world, this is astounding. Sequoia, SoftBank, Temasek, Tiger Global, and the Ontario Teachers’ Pension Plan contributed about $1.8 billion to FTX.
Financial Mismanagement in FTX Worse Than Anything I’ve Seen: John Ray
BREAKING – FTX new CEO John Ray, who has helped oversee some of the biggest bankruptcies ever, including Enron’s, said he’s never seen anything as bad as FTX
— Bitcoin Magazine (@BitcoinMagazine) November 17, 2022
According to the petition, Bahamian regulators illegally entered the exchange to take assets after FTX declared bankruptcy. The request, according to the exchange, might call into doubt the ability of Bahamian regulators to serve as liquidators. The financial mismanagement even prompted John Ray, the new CEO, to write the following in a filing:
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information.”
Additionally, according to the filing by the new CEO, FTX, FTX US, and Alameda do not have accounting divisions. Additionally, he said that he was unable to locate Island Bay Ventures’ funds, the organization that is in charge of FTX’s share of Anthony Scaramucci’s SkyBridge Capital.
You can purchase Lucky Block here. Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.