SBF also wrote a later post about FTX US's balance sheet: https://sambf.substack.com/p/ftx-us-balance-update-2023-01-1...
Is that post at all accurate or is it even more lies?
Is that post at all accurate or is it even more lies?
What the new CEO did in bankruptcy is he wrapped up the business into 4 silos, one of which (WRS) contains FTX US, LedgerX, FTX NFTs and a load of other stuff. Now what Sam is doing is saying "Hey look! WRS does have enough cash to pay back the FTX US customers!", but if you count all the money that WRS has, what you're saying is that FTX US's customers weren't held as deposits, it's just that the total assets of the company exceeed customer deposits. Which means he's basically saying "Yes, I did do the illegal comingling of your deposits, but in total the company has enough cash to pay you back if, for the purposes of accounting, we split out an arbitrary part of the company and ignore the shortfall in the rest of the company".
So the money used to buy LedgerX (and which LedgerX still partially has) should at some point be seized.
FTX.us is insolvent too.
Money I got 100.000
Money I owe 90.000
Total +10.000