FTX owed $8.7 billion to its customers, according to a new report

In a second reportthe new FTX returned to theuse abusive from fonds of former customers of thecrypto exchange.

The team in charge of the FTX bankruptcy published on Monday a new and lengthy report – downloadable here – offering more details on the mismanagement of funds of the platform’s users by its ex-managers.

The image that the FTX sought to present itself as the customer-focused leader of the digital age was a mirage. Since the creation of FTX.com, the group has mixed customer deposits with corporate funds,” commented John J. Ray III, SBF’s successor, following publication of the document.

According to debtors, FTX.com should about 8.7 billion dollars to its customers before declaring bankruptcy. Nearly $6.4 billion was in the form of fiat currency and stablecoins “that had been misappropriated”. Around $7 billion in liquid assets have so far been collected.

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The report, which follows an earlier one published in April, looks more specifically at: the separation of user fundsthe false declarations exchange, the lack of deposit protection and misuse of funds (donations, investments, acquisitions, real estate in the Bahamas, etc.). He also refers to ” reprisals against an employee who was causing concern”.

A third and last report is expected in August 2023.

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