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FTX Finds Only 1 BTC Out of 1,591 Customer-Owned at Time of Collapse

“Their books and records are incomplete and, in many cases, totally absent,” said current FTX CEO John J. Ray III, during a presentation of the company’s current assets and liabilities on Mar. 2.

Remarkably, the latest presentation shows that the now-defunct exchange holds only 1 Bitcoin against the 1,591 it owes to customers. In total, it was revealed that the exchange owes $8.7 billion in total to customers, mainly spread across cash and stablecoin assets, but also Ethereum, Solana and hundreds of other tokens users were previously allowed to trade on FTX.com and FTX US.

In a presentation filed on Thursday by FTX Debtors in the company’s Chapter 11 bankruptcy cases, it was reported that a collaborative attempt to locate and catalog the remaining assets of the defunct cryptocurrency exchange FTX has uncovered the extent of the deficiencies found in the fiat bank accounts and digital asset wallets linked to the FTX.com and FTX.US exchanges.

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