FTX Trading International held just $900-million in liquid assets on Thursday – the day before it filed for Chapter 11 bankruptcy – against $9-billion of liabilities, according to sources familiar with the matter. The data referenced a negative $8-billion of a “hidden, poorly internally labelled” fiat currency account and noted $5-billion of withdrawals by users last week.
Cryptocurrency markets began the week in Asia on the back foot. Bitcoin retreated almost 3% at one point to drop below $16,000. Ether also suffered losses. Solana, one of the tokens associated with Bankman-Fried’s failed digital-asset empire, was down about 10% and has plunged over 60% this month. Crypto exchange AAX has suspended withdrawals, citing complications with a system upgrade and blaming failures at a third-party partner.
The FTX thief stole $1 billion from his customers and donated $100 million to DNC 1. Democrats approved tens of billions in military aid to Ukraine. 2. Ukraine then parked the money into FTX. 3. FTX sent those money as 'donations' back to the Democrats Rinse and repeat.