• FTX owes its clients $1.6B BTC with solely $1M accessible.
• The bankrupt agency has $5.5 billion in liquid property and over $11.5 billion in liabilities.
• Final week, Alameda Analysis sued one in every of its collectors, Grayscale.

The monumental scandal surrounding the stability sheet of the bankrupt FTX crypto alternate is much from being over. In a surprising revelation, a crypto analyst on Twitter highlighted that whereas FTX owes its clients a staggering $1.6 billion value of Bitcoin (BTC), it solely has $1 million in BTC in its possession.

The stunning information got here to mild after an audit of the FTX stability sheet uncovered an enormous shortfall within the quantity of Bitcoin held by the now-defunct alternate.

The analyst additionally offered a tough breakdown of the findings, revealing that the alternate has $3.5 billion in supposed liquid cash, $1.7 billion in money, and $800 million in illiquid property. In sum, FTX holds $5.5 billion in supposed liquid property and over $11.5 billion in buyer liabilities.

The information has despatched shockwaves via the crypto trade, with many consultants questioning how FTX may have gotten into such a dire monetary scenario.

Final Friday, the FTX sister agency, hedge fund Alameda Analysis, sued asset supervisor Grayscale Investments as a part of its efforts to recuperate funds from FTX collectors. In keeping with the FTX debtors, Grayscale was stopping shareholders in Grayscale’s Bitcoin and Ethereum Trusts from redeeming their shares and charging exorbitant administration charges.

The lawsuit requested the court docket to intervene to understand over 1 / 4 billion {dollars} in asset worth for the FTX debtors, clients and collectors, and unlock $9 billion or extra in worth for shareholders of the trusts. Nevertheless, Grayscale responded to the allegations by calling the Alameda criticism “misguided.”