Factz

BREAKING

FTX Announces $8.9B in Customer Funds are Missing

For the first time, now-defunct crypto exchange FTX has shared exactly how much money has gone missing.

And it turns out that $8.9 billion worth of customer funds make up the bulk.

In a public statement Thursday, FTX announced they had identified $2.7B in customer assets, compared to $11.6B of balances outstanding on customer accounts.

That makes the shortfall around $8.9B.

New management, including new CEO restructuring veteran John J. Ray III, have been working to find billions of dollars in customer funds since the company first filed for bankruptcy.

Ray said in a statement that it’s not possible to predict how much customers can recover, explaining that FTX’s “books and records are incomplete and, in many cases, totally absent.”