Crypto Deposited by Customers Wasn’t Recorded on the Balance Sheet, and the Company Doesn’t Even Know Who Its 50 Biggest Creditors Are
FTX took in a helluva lot of money from crypto depositors over its run, but apparently it didn’t spend any time keeping track of who deposited what. The bankruptcy filing reveals that “balances of customer crypto assets deposited were not recorded as assets on the balance sheet and are not presented,” which seems to imply that the company has no idea how to account for those deposits. Of this news, financial industry analyst Genevieve Roch-Decter writes: “Crypto deposited by customers weren’t even recorded on the balance sheet. Presumably, all crypto assets just went into one central slush fund used for whatever.”
To top it all off, the filing reveals that FTX also has no idea who its top 50 creditors are. In short, the company doesn’t seem to know much of anything.
