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In November 2022, a major market downfall led to the bankruptcy of several crypto firms, and forced Bitcoin (BTC) below $16,000. Among the affected was FTX exchange, whose recovery is currently underway. A startling series of 21 PDF reports, revealing some striking numbers, was recently released.
FTX Owes Its Customers $8.85 Billion
Under the leadership of John Ray, the newly appointed CEO during the bankruptcy period, FTX released a comprehensive series of 21 PDFs regarding customer claims. The reports, part of the efforts to resurrect the crypto exchange, were analyzed by a user named Rana Mallah who shared the shocking results on his personal Twitter account.
Mallah’s comprehensive analysis of the reports reveals that FTX owes its customers a total of $8.85 billion. Approximately $700 million of this debt is in FTX Token (FTT), Solana (SOL), and Serum (SRM). It was reported that of the 1.5 million accounts listed as creditors, 278,000 are major accounts.
The lion’s share of the $8.85 billion debt owed by FTX (amounting to $5.37 billion) is in US dollar-indexed stablecoins and fiat currencies such as Euro and British pound. Of the remaining debt, $2.15 billion is in BTC and ETH.
$717 million is in the form of FTT, SRM, and SOL. The remaining debt amount is split among 50 other coins/tokens like AVAX, FTM, AAVE, 1Inch, etc.
FTT Token’s Rise Continues
News of FTX’s operational resumption on June 28th has fueled the rise of the FTX Token, the exchange’s service token. According to data from the crypto data platform CoinMarketCap, FTT, which has been experiencing sharp upward movements recently, is currently trading at $2.10 after a 22.61% increase in the last 24 hours. FTX Token even reached up to $2.4171 in the early hours of the day.
