Newscrypto.io presents The collapse of FTX empire in 3 parts (shorts)
The collapse of FTX empire:
Sam Bankman Fried controls FTX, one of the largest crypto exchanges, and Alameda Research, one of the biggest crypto hedge funds. It seemed that these corporations were doing really fine until we dive deeper into the balance sheets of these companies.
CoinDesk shared some financial data from Alameda's Q2 balance sheet that caused a lot of worries. Although you could have missed it at the first glance we are here to make sure you don't.
Alameda's balance sheet in June 2022 comprised $14.6 billion of assets. Of those $5.8 billion in FTT tokens, $1.2 billion in $SOL, $3.37 billion of unidentified »crypto held«, and $2 billion in »investment in equity securities«. From the remaining ≈$2.2 billion, according to CoinDesk's sources, hundreds of millions are comprised of other SBF projects – $SRM (serum), $OXY (oxygen), $MAPS (maps.me) and $FIDA tokens. This leaves the company with only $134 million in cash.
That's an awfully low amount of cash for a company with $8 billion worth of liabilities. $7.4 billion of those being »loans« and $229 million worth of owed $FTT. Unfortunately, the remainder is unidentified.
On top of extremely high exposure to one token, roughly 88% of Alameda's net equity, something »shady« is happening with $FTT. Dirty Bubble Media created a flow of $FTT through FTX in the last 30 days.
It is VERY unusual to see tokens circulating like this and it screams upcoming issues. It looks like there are very few buyers and the largest ones appear to be tied to Alameda. Not enough buyers = fair market value of $FTT in the event of large sales would quickly be $0.
SBF did this to save Alameda Research, but it put a big hole in FTX's balance sheet, which returned to haunt him. The rumors started spreading and the price of $FTT fell off the cliff as you can see in the chart.
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