New Bankruptcy Filing Reveals Value of FTX’s Crypto Holdings is Just $659,000 after Sam-Bankman-Fried Said They Were Worth $5.5Trillion

The FTX chapter 11 bankruptcy filing is shedding new light on just how bad the internal controls at the crypto exchange were up until it imploded in spectacular fashion last week. A particularly jarring disclosure is that the total fair value of crypto held by FTX International was just $659,000 as of the end of September, compared to claims from its founder Sam Bankman-Fried’s that the company held $5.5 billion in “less liquid” crypto tokens.

Guess all those people who thought random art of monkeys would stand as a lucrative business were wrong.

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