Crypto Biz: SBF’s newest Excel spreadsheet reveals all
Large enterprise businesses spend tons of money keeping track of their financial dealings — think accountants, financial analysts, consultants and enterprise-grade accounting software. Sam Bankman-Fried, meanwhile, used Microsoft Excel.
On Jan. 17, in another sloppy Excel spreadsheet, SBF revealed that FTX US was solvent. The Excel file purportedly showed customer balances, bank deposits and assets held in cold storage. “S&C forgot to include bank balances” of roughly $428 million, SBF said, referring to FTX’s former legal counsel Sullivan & Cromwell. “Once you add those back in, you get in the neighborhood of my prior balance sheet” of around $350 million, he said.
This week’s Crypto Biz explores the “Herculean investigative effort” to identify billions in liquid FTX assets. We also give you the latest on the ongoing Digital Currency Group saga.
SBF wasn’t the only one seeking to unearth FTX’s remaining balances. The bankrupt exchange’s debtors have identified $5.5 billion in liquid assets, including $1.7 billion in cash, $3.5 billion in crypto assets and around $300 million in securities. “We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information,” said FTX CEO John Ray. Before you get too excited, know there is still a “substantial shortfall of digital assets,” according to FTX’s debtors. This means FTX users shouldn’t expect to be made whole anytime soon.
Sharing the FTX Debtors’ press release just issued: https://t.co/fcSs36nFmq
The fallout from crypto winter continues to reverberate across the industry, with digital asset bank Silvergate reporting a massive $1 billion net loss in the fourth quarter. In
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