In its latest financial statement, the bankrupt exchange's new managers cited $11.6 billion in claims and just $4.8 billion assets.
In its latest filing, the new management of Sam Bankman-Fried's FTX group of companies revealed a $6.8 billion shortfall.
Which, as bad as it sounds, is a lot better than the $9.8 billion imbalance between assets and what it owes customers that FTX Debtors — as the entire collection of more than 100 companies is now called — revealed on March 2.
And better than initial estimates that some $8 billion was missing.
"The exchanges' assets were highly commingled, and their books and records are incomplete and, in many cases, totally absent."
This is a multi-billion company that was run on QuickBooks, Ray III said when he took over.
That said, the value of those assets is not really clear, as the majority — $3.5 billion of it — is investments made by Alameda and venture investments by Bankman-Fried.
On the other hand, the hard assets — cash and cash equivalents — have grown from less than $70 million to $900 million.